Bitcoin (BTC) is showing weakness, falling below $115,000 and moving further away from its recent peak.
This occurred amid strong selling pressure related to Galaxy Digital. It was triggered by a multi-day selling march that began from one of the largest BTC whale wallets.
Movement of Sleeping Bitcoin Giants…Galaxy Digital Pressure Reaches Peak
Blockchain analysis tool Lookonchain reported that Galaxy Digital deposited 2,850 BTC, equivalent to $330 million, to exchanges on Friday morning. Galaxy Digital had previously transferred 12,800 BTC (approximately $1.5 billion) to exchanges.
"It seems Galaxy Digital has already dumped 10,000 BTC ($1.18 billion)! They have withdrawn $370 million in USDT over the past 3 hours." – Lookonchain report
The sold Bitcoin is estimated to have originated from a legendary whale address holding 89 BTC. Before selling, the wallet's value was approximately $9.6 billion.
This address began moving coins to Galaxy Digital on July 15. According to multiple posts by Lookonchain, the entire transfer was completed by July 18. More than 40,000 BTC were moved in a single day, triggering market concerns.
"It seems a Bitcoin OG holding 89 BTC is selling BTC… Over the past time, they have transferred 9,000 BTC ($1.06 billion) to Galaxy Digital. It appears they are preparing for sale through their service." – Lookonchain mention (July 15)
While the selling pressure significantly impacted Bitcoin's short-term price, some traders believe the worst may be over.
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The Altcoin Season Index recorded 43, showing that the cryptocurrency industry is not yet in the altcoin season. However, the rising trend further supports the change in market momentum.
