EddieJayonCrypto

 15 Jul 25

tl;dr

Bitcoin price sharply declined Tuesday after a large holder transferred 16,843 BTC valued over $1 billion to Galaxy Digital, which moved coins to major exchanges including Binance and Bybit. This selling pressure caused Bitcoin to dip below $117,000 before partially recovering. Another whale respond...

The Bitcoin price experienced a sharp decline earlier this Tuesday after an ancient whale seemingly began selling BTC. The flagship cryptocurrency briefly dipped below the $117,000 mark, hitting an intraday low of $116,218 before recovering some losses.

Analytics platform Lookonchain identified the OG holder, who controls over 80,000 BTC, transferring 9,000 BTC—valued at roughly $1.06 billion—to Galaxy Digital. This was followed by an additional transfer of 7,843 BTC, intensifying the selling pressure on Bitcoin.

Galaxy Digital is moving these coins onto major exchanges, with Binance and Bybit receiving approximately $236 million worth of BTC. In response to these large transfers, another whale quickly closed their long position and shifted to a short stance.

Reports from U.Today highlight a recent surge in profit-taking, which could signal at least a short-term peak for Bitcoin. CoinGlass data shows that $406 million worth of long positions have been liquidated in just the past four hours, underscoring the increased volatility in the market.

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