- Bitcoin price dropped about 3% to below $115,000, falling intraday to $114,750.
- Galaxy Digital deposited more than 30,000 BTC to exchanges.
- On-chain researcher Lookonchain reported that Galaxy sold over 10,000 BTC on Binance, OKX and Bybit.
Bitcoin (BTC) plunged sharply on Friday, hitting intraday lows near $115,000 as analysts pointed to a long-dormant whale selling a significant amount of BTC.
After earlier reaching an intraday high near $123,000, Bitcoin gave back gains and traded around $114,759, a roughly 3% decline over 24 hours.
The move marked the lowest level in about two weeks, a level last seen on July 10, when BTC rose from roughly $110,000.
Why did Bitcoin’s price suddenly drop today?
Bitcoin had recently consolidated in the $117,000–$118,000 range while many altcoins outperformed. The price broke down below key support levels and fell to a multi-week low amid heavy selling pressure.
On-chain activity suggests the decline was triggered by a wallet that awoke after roughly 14 years and moved a large holding—reported to be 80,000 BTC—onto exchanges via Galaxy Digital.
Data indicates that a portion of these holdings was likely sold over the past 24 hours.
“Note 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 holds 80,009 $BTC ($9.68B),” wrote Lookonchain on X.
Lookonchain later updated the figures, showing more than 30,000 BTC were transferred to exchanges, including Binance, OKX and Bybit. Galaxy has now moved over 30,000 BTC to exchange addresses.
It’s also notable that Galaxy reportedly withdrew approximately $1.15 billion in 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
Over $518 million liquidated
According to Coinglass liquidation data, the BTC sell-off wiped out more than $518 million in leveraged positions over the past 24 hours.
The majority were long positions—over $380 million—with more than $135 million in BTC long contracts liquidated specifically.
Whale activity likely triggered panic selling, which can further push prices down. Growing liquidations remove additional long exposure, erasing potential gains and amplifying downward momentum, a trend already noted by traders such as AguilaTrades.
What’s next for Bitcoin’s price?
Crypto analyst Captain Faibik warns that, while bulls could still hold an edge, the market looks vulnerable to a deeper breakdown.
He points to a rising wedge pattern and says a daily close below $113,000 would likely confirm a bearish breakdown and could trigger a larger correction.
Conversely, if BTC stabilizes and pushes back toward $118,000, reduced selling pressure might give buyers a chance to retest key supply zones and defend higher levels.
$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 digests the fall in Bitcoin’s price, investors may look for buying opportunities created by the dip. The next directional move in BTC will be crucial: either a stabilization and recovery toward resistance, or a confirmed breakdown that could extend the correction.