Bitcoin News Today: Bitcoin Drops 3% to $115,376 as Galaxy Digital Moves $1.15B to Exchanges

Bitcoin’s price has experienced a notable decline, dropping nearly 3% in 24 hours to approximately $115,376, marking its lowest level in two weeks [1]. This downward movement follows a recent peak of $119,291 on July 24, wiping out nearly $4,000 in value within a single day [1]. Analysts attribute the selloff to profit-taking activity by large Bitcoin holders, with blockchain data firm Lookonchain reporting that asset management firm Galaxy Digital moved nearly 30,000 BTC in a single day. The majority of these funds, valued at around $1.15 billion, were transferred to centralized exchanges like Binance and over-the-counter platforms [1]. Despite these outflows, Galaxy still holds 18,504 BTC, equivalent to $2.14 billion at current prices, while cumulative sales from its older wallets over the past week are estimated at $8 billion [1].

Valentin Fournier, lead research analyst at BRN, described the recent price action as a “potentially healthy reset” following an extended period of market exuberance. He noted that trading momentum has weakened, with new ETF inflows slowing, and warned that further declines could push Bitcoin toward the $110,000 support level in the coming sessions [1]. The analyst emphasized that the pullback reflects a correction in excessive long positioning, which may help stabilize the market long-term [1].

The selloff has also impacted altcoins, with major assets like XRP, Solana, and Dogecoin experiencing modest losses alongside Bitcoin’s decline [1]. However, Ethereum bucked the trend, rising by about 2% to $3,722. Dean Chen of Bitunix attributed the broader market downturn to liquidity sweeps targeting overleveraged long positions after an extended rally. He argued that the current consolidation phase does not signal a full bear market but rather a temporary pause, with key support levels intact. “Prices remain well-supported above critical thresholds, and renewed accumulation could occur once uncertainty subsides,” Chen added [1].

The speed and volume of Bitcoin’s outflows have raised concerns about further volatility. Galaxy Digital’s movements, while significant, indicate a strategic shift rather than a total exit from the asset. Analysts caution that large-scale transfers to exchanges often precede short-term sell pressure, though they stress that the firm’s remaining holdings suggest long-term confidence in Bitcoin’s value [1].

The market’s cooling trend follows a period of rapid appreciation, with investors now navigating a more cautious landscape. While short-term risks persist, the absence of major breakdowns in key price levels suggests the market is not in freefall. Both Fournier and Chen highlight the importance of monitoring liquidity dynamics and institutional activity, as these factors will likely shape Bitcoin’s trajectory in the near term [1].

Source: [1] [title1Bitcoin Price Could Retest $110k Amid Market Cooling, Analyst Warns] [url1https://cryptoslate.com/bitcoin-price-could-retest-110k-amid-market-cooling-analyst-warns/]