Bitcoin News Today: Bitcoin Dives 2.7% as Galaxy Digital Sells $1.18 Billion BTC in 8 Hours

Bitcoin’s price experienced a sharp decline as Galaxy Digital executed a large-scale sell-off of its Bitcoin holdings, triggering market volatility. On-chain data revealed that the firm moved over 10,000 BTC—valued at approximately $1.18 billion at the time—onto major exchanges like Binance, Bybit, and OKX within less than eight hours, according to wallet-tracking firm Lookonchain. The sell-off, which began with the activation of a Satoshi-era whale account in early July, saw Galaxy accumulate 80,009 BTC before starting to liquidate portions by mid-July. By 18 July, the final 40,191 BTC (worth $4.8 billion) had been transferred to Galaxy, signaling a potential sale that has now materialized [1].

The aggressive selling pressure sent Bitcoin’s price plunging from an intraday high above $119,000 to as low as $115,800 within hours, erasing roughly $55 billion in market value in just four hours. The decline marked Bitcoin’s weakest level in two weeks and punctured critical technical support levels, including the 20-day exponential moving average [1]. Market participants noted that Galaxy’s systematic offloading of BTC—often in near-real-time transactions—created a textbook bearish pattern, exacerbating short-term liquidity strains and increasing slippage for traders [1].

Analysts remain divided on the implications. Autism Capital theorized that the selloff could stem from client requests, regulatory pressures, or Galaxy’s strategic pivot toward Ethereum, as CEO Michael Novogratz previously suggested Ethereum’s potential to outperform Bitcoin. The firm has yet to issue an official statement or disclose the motives behind the sale, despite its recent public appearances where Novogratz emphasized crypto’s long-term appeal [1].

Capriole Investments founder Charles Edwards highlighted the interplay between institutional selling and leveraged long positions, noting that 30,000 BTC in leveraged longs opened on the dip could amplify short-term volatility. However, he emphasized that sustained Treasury Company demand could absorb the remaining 27,000 BTC on the market within weeks if the liquidation continues [1].

The sell-off has raised broader concerns about institutional transparency and market integrity. Galaxy’s actions, while not explicitly linked to regulatory investigations, coincide with intensified U.S. scrutiny of crypto practices. The firm’s decision to execute the sale without prior disclosure has drawn criticism, with some arguing that such large-scale actions should be subject to clearer disclosure requirements to prevent destabilizing market reactions [1].

At press time, Bitcoin traded at $115,476, reflecting a 2.7% drop since the sell-off began. Traders are now monitoring whether the price can stabilize above key support levels or if further institutional interventions could extend the downturn.

Source: [1] [Title: Bitcoin Price Bleeds As Galaxy Digital Unleashes $1.5 Billion Sell-Off] [URL: https://www.newsbtc.com/bitcoin-news/bitcoin-price-bleeds-galaxy-digital-1-5-billion-sell-off/]