Bitcoin News Today: Bitcoin drops to $115,000 as Galaxy Digital sells $1.5B BTC in 24 hours

Bitcoin’s price dropped to $115,000 as Galaxy Digital executed a $1.5 billion BTC sell-off over 24 hours, according to blockchain analytics from Lookonchain. The firm deposited 2,850 BTC ($330 million) on July 15, part of a broader liquidation spree from a whale wallet holding 80,009 BTC. This whale began transferring assets to Galaxy Digital on July 15, completing the full transfer by July 18, including over 40,000 BTC in a single day. The sudden outflow has intensified market uncertainty, with traders monitoring whether the selling pressure has stabilized [1].

Simultaneously, dormant Bitcoin wallets have reactivated, adding further volatility. SpotOnChain reported that three wallets—likely controlled by a single entity—moved 10,606 BTC ($1.26 billion) this week, with funds originally acquired in December 2020. Additionally, Lookonchain identified a 14.5-year-old dormant wallet that transferred 3,962 BTC ($468 million), while another wallet moved 6,000 BTC after six years of inactivity. These movements suggest long-term holders are repositioning assets, potentially signaling preparation for market shifts. Analysts note that such activity often precedes increased volatility as old supply enters exchanges or short-term hands [2].

The sell-off and reactivation of aged wallets coincide with a decline in Bitcoin’s dominance index, which fell from 64% to 60% between July 17 and July 21. This decline indicates capital rotation into altcoins, a trend aligned with early signs of an emerging altseason. While the dominance index recently rebounded to 61.55%, the Altcoin Season Index at 43 suggests the market is trending toward altcoin focus but not yet fully in an altseason. This shift reflects growing investor interest in alternative cryptocurrencies, potentially driving trading volumes and volatility in those markets [3].

Market reactions to Galaxy Digital’s sell-off remain mixed. Although the firm’s liquidation appears to be tapering, traders are divided on whether Bitcoin will rebound. Influencers like SalsaTekila advocate buying the dip, anticipating a resumption of upward momentum. However, the market remains cautious, with investors closely monitoring whether the selling pressure has peaked or if further downside risks persist. The interplay of whale activity, dormant wallet movements, and shifting capital allocations underscores a dynamic phase for the crypto market [4].

The combined impact of Galaxy Digital’s sell-off and dormant wallet activity highlights a changing landscape. While Bitcoin’s fundamentals remain strong, the reactivation of long-held assets and declining dominance signal evolving investor strategies. Traders are advised to track whale activity and market sentiment closely, as these factors could influence price dynamics in the near term. The altcoin rotation, meanwhile, offers new opportunities for those diversifying their portfolios beyond Bitcoin [5].

Source:

[1] [Bitcoin Faces Pressure Amid Galaxy Digital Sell-Off and Dormant Wallet Activity, Hinting at Possible Market Shift July 25, 2025] https://en.coinotag.com/bitcoin-faces-pressure-amid-galaxy-digital-sell-off-and-dormant-wallet-activity-hinting-at-possible-market-shift/

[2] [Bitcoin Faces Pressure Amid Galaxy Digital Sell-Off and Dormant Wallet Activity, Hinting at Possible Market Shift July 25, 2025] https://en.coinotag.com/bitcoin-faces-pressure-amid-galaxy-digital-sell-off-and-dormant-wallet-activity-hinting-at-possible-market-shift/

[3] [Bitcoin Faces Pressure Amid Galaxy Digital Sell-Off and Dormant Wallet Activity, Hinting at Possible Market Shift July 25, 2025] https://en.coinotag.com/bitcoin-faces-pressure-amid-galaxy-digital-sell-off-and-dormant-wallet-activity-hinting-at-possible-market-shift/

[4] [Bitcoin Faces Pressure Amid Galaxy Digital Sell-Off and Dormant Wallet Activity, Hinting at Possible Market Shift July 25, 2025] https://en.coinotag.com/bitcoin-faces-pressure-amid-galaxy-digital-sell-off-and-dormant-wallet-activity-hinting-at-possible-market-shift/

[5] [Bitcoin Faces Pressure Amid Galaxy Digital Sell-Off and Dormant Wallet Activity, Hinting at Possible Market Shift July 25, 2025] https://en.coinotag.com/bitcoin-faces-pressure-amid-galaxy-digital-sell-off-and-dormant-wallet-activity-hinting-at-possible-market-shift/