- Bitcoin’s price fell about 3% to below $115,000, hitting an intraday low of $114,750.
- Galaxy Digital deposited more than 30,000 BTC to exchanges.
- On-chain investigator Lookonchain shared chain-level details suggesting Galaxy sold over 10,000 BTC on Binance, OKX and Bybit.
Bitcoin (BTC) plunged sharply on Friday, dipping to lows near $115,000 after analysts pointed to a large, long-dormant whale selling into the market.
After briefly reaching an intraday high around $123,000, Bitcoin gave back gains and traded down to $114,759, a roughly 3% drop in 24 hours.
That marked the lowest level in about two weeks, reversing the move up from $110,000 seen on July 10.
Why did Bitcoin’s price drop sharply today?
Bitcoin had been consolidating in the $117,000–$118,000 range while some altcoins outperformed. It broke key support levels and fell to a multi-week low amid heavy selling pressure.
On-chain data shows the decline followed activity from a wallet long inactive—active for the first time in 14 years—that moved 80,000 BTC to exchanges via Galaxy Digital.
Those on-chain transfers indicate portions of the 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! The 10,000+ $BTC came from a Bitcoin OG that owns 80,009 $BTC ($9.68B),” Lookonchain wrote on X.
Lookonchain later posted an update showing more than 30,000 BTC sent to exchanges including Binance, OKX and Bybit. To date, Galaxy has transferred over 30,000 BTC onto exchanges.
It’s also notable that Galaxy withdrew roughly $1.15 billion in USDT from exchanges after depositing BTC.
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 sell-off in BTC over the past 24 hours liquidated more than $518 million in leveraged positions.
Most of those liquidations were long positions, totaling over $380 million, with more than $135 million wiped out in bullish BTC bets.
Large whale activity likely triggered panic selling that may push prices even lower as stop-losses cascade and margin calls force further exits.
Rising liquidations tend to remove additional long exposure. Some traders, such as AguilaTrades, have already noted millions in potential gains evaporating.
What’s next for Bitcoin’s price?
Krypto-analyst Captain Faibik says bulls may still hold some edge, but a breakdown remains likely. He highlights a rising-wedge pattern and warns that a daily close below $113,000 would confirm a bearish breakdown and could trigger a deeper correction.
Conversely, if BTC holds support and moves back toward $118,000, reduced selling pressure could allow buyers to retest key areas of supply.
$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..⏰
— Captain Faibik 🐺 (@CryptoFaibik) July 25, 2025
As the market digests the drop, some investors may look for buying opportunities amid the volatility. The next price moves for Bitcoin will be crucial in determining whether this pullback proves short-lived or evolves into a deeper correction.