- Bitcoin price fell 3% to below $115,000, hitting a daily low of $114,750.
- Galaxy Digital has deposited over 30,000 BTC to exchanges.
- On-chain tracking by Lookonchain indicates Galaxy sold more than 10,000 BTC on Binance, OKX and Bybit.
Bitcoin (BTC) plunged on Friday, dropping to near $115,000 after analysts pointed to sales from a long-dormant whale reactivating on-chain.
After recently reaching a daily high around $123,000, Bitcoin gave back gains and traded as low as $114,759 — down roughly 3% over 24 hours.
The move marked the lowest price in two weeks, last seen on July 10 when BTC rallied from $110,000.
Why did Bitcoin’s price suddenly fall today?
Bitcoin, which had been consolidating in the $117,000–$118,000 range while some altcoins outperformed, broke below key support and fell to a multi-week low amid heavy selling pressure.
The drop followed on-chain activity showing a wallet that had been inactive for many years — active for the first time in 14 years — moved 80,000 BTC to exchanges through Galaxy Digital.
Data suggests some of those holdings may have been sold over the past 24 hours.
“Note that Galaxy Digital deposited over 10,000 $BTC ($1.18B) to exchanges in the last 8 hours! 10,000+ $BTC came from a Bitcoin OG that held 80,009 $BTC ($9.68B),” Lookonchain posted on X.
Lookonchain later updated that more than 30k BTC were transferred to exchanges, including Binance, OKX and Bybit. At the time of reporting, Galaxy had moved over 30,000 BTC to exchanges.
Notably, Galaxy withdrew $1.15 billion USDT from exchanges after the BTC deposits.
Update: #GalaxyDigital has transferred nearly 30,000 $BTC ($3.5B) out today, most of which went directly to exchanges and were sold.
Then #GalaxyDigital withdrew 1.15B $USDT from exchanges. #GalaxyDigital still holds 18,504 $BTC ($2.14B).
— Lookonchain (@lookonchain) July 25, 2025
More than $518 million liquidated
According to Coinglass data, the BTC selling wiped out over $518 million in leveraged positions across the last 24 hours.
Most liquidations were long positions, totaling more than $380 million, with over $135 million of bullish bets on BTC wiped out.
Whale activity likely contributed to a wave of panic selling that pushed prices lower.
Rising liquidations remove more buy-side support, and some traders — such as AguilaTrades — reportedly saw millions of potential profits evaporate.
What’s next for Bitcoin’s price?
Crypto analyst Captain Faibik noted that, while bulls may still hold some advantage, the structure shows vulnerability to a downside break.
Analysts pointed to a rising wedge pattern and warned that a daily close below $113,000 would confirm a breakdown and potentially trigger a larger correction.
Conversely, if BTC stabilizes and moves back toward $118,000, the easing of selling pressure could allow buyers to retest key supply zones.
$BTC is on the verge of breaking down from its Rising Wedge..!! A daily close below 113k would confirm the Breakdown, Potentially triggering a Correction..🔜📉
Still Waiting for confirmation before taking any action..⏰ #Crypto #Bitcoin #BTC
— Captain Faibik 🐺 (@CryptoFaibik) July 25, 2025
As the market reacts to Bitcoin’s drop, investors may look for buy-the-dip opportunities, but the next directional move for BTC will be a key determinant of whether buyers step in or selling resumes.