In the past 24 hours, BTC price dropped 1.89%, falling from around $117,000 to $115,000, sparking market discussion. Although the US BTC spot ETF attracted over $200 million in capital inflow, whale selling and technical weakness became the main reasons for this correction.
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ToggleWhale Transfers 10,000 BTC, Triggering Market Selling Pressure
According to blockchain data platform Lookonchain, Galaxy Digital transferred 10,000 bitcoins to exchanges on July 24, valued at $1.1 billion. This action coincided precisely with BTC's drop from $117K to $115K, reinforcing the market interpretation of "whale selling".
Although the US BTC ETF had a net inflow of $226.6 million on the same day, this institutional buying could not fully absorb the spot market selling pressure, highlighting weak short-term demand. This also reflects a certain disconnect between ETF capital flows and actual trading behavior.
Technical Indicators Weaken, Market Support Level Precarious
From a technical analysis perspective, BTC price has fallen below the key 7-day simple moving average (SMA $118,257) and exponential moving average (EMA $118,357), indicating the upward trend has temporarily been lost.
MACD histogram value is -166.78, showing strengthened bearish momentum
The important 61.8% Fibonacci retracement support level of $112,008 becomes a critical short-term observation point
Relative Strength Index (RSI) is 62.21, still in a neutral zone, without showing a clear oversold signal
Currently, the market has not seen strong technical rebound signals, putting BTC under short-term pressure.
Leverage Trading Liquidation Wave Intensifies Downward Momentum
During the price decline, the market also experienced a significant leverage liquidation wave. According to data, BTC-related contract liquidations in the past 24 hours reached $138.67 million, a substantial 65.8% increase from the previous day.
Moreover, although the market fear and greed index only slightly dropped to 66 (still in the "greed" zone), this indicates a slight shift in investor sentiment, with signs of profit-taking emerging.
More notably, derivatives open interest increased by 7.75%. Despite the price drop, market participants continue to increase leveraged positions, suggesting speculative sentiment remains high and volatility may persist.
Risk Warning
Cryptocurrency investment carries high risk, with potentially extreme price volatility. You may lose all your principal. Please carefully assess the risks.
