Bitcoin News Today: Bitcoin Drops 3% to $115,376 Amid Institutional Outflows and Profit-Taking

Bitcoin’s price has experienced a notable pullback, dropping nearly 3% in 24 hours to approximately $115,376, its lowest level in two weeks. The decline follows a recent peak of $119,291 on July 24, eroding nearly $4,000 in value over the past day [1]. Analysts attribute the selloff to profit-taking by large Bitcoin holders, with blockchain data revealing significant outflows from institutional wallets. Galaxy Digital, a major asset management firm, reportedly transferred 30,000 BTC—valued at $1.15 billion—into centralized exchanges and over-the-counter platforms. Despite these movements, Galaxy still holds 18,504 BTC, equivalent to $2.14 billion at current prices. Sani from Timechainindex estimated that Galaxy’s total Bitcoin sales from older wallets over the past week reached $8 billion [1]. The speed and scale of these transfers have raised concerns about further downward pressure in the short term.

Valentin Fournier, lead research analyst at BRN, characterized the market’s recent performance as a “potentially healthy reset” after an extended period of overheating. He noted that trading momentum has weakened, and ETF inflows have slowed, signaling a broader market cooldown. Fournier forecasted that Bitcoin could retest the $110,000 support level within the next few trading sessions as excess long positions are liquidated [1].

The downward trend has not been limited to Bitcoin. Altcoins such as XRP, Solana, and Dogecoin have also recorded declines, aligning with Bitcoin’s slump. However, Ethereum bucked the trend, rising by roughly 2% to $3,722 during the same period [1]. Dean Chen, a crypto analyst at Bitunix, attributed the broader market correction to a liquidity sweep targeting overleveraged long positions. He emphasized that key support levels remain intact, with no major breakdowns observed, suggesting the market remains in a consolidation phase rather than entering a bear market. Chen added that renewed accumulation could emerge once current uncertainties subside [1].

The selloff has sparked debates about whether this represents a temporary correction or a more sustained downturn. While some analysts view the decline as a natural rebalancing, others caution that large-scale selling could persist if institutional holders continue to offload holdings. The movement of assets to centralized exchanges raises questions about potential liquidity pressures, particularly if market sentiment deteriorates further.

Bitcoin’s ability to hold above $110,000 will be critical in determining the next phase of its trajectory. Technical indicators suggest that a successful defense of this level could stabilize the market, while a break below it may trigger deeper corrections. Investors are closely monitoring inflows and outflows for signs of institutional activity, as well as broader macroeconomic signals, to gauge the direction of the crypto market.

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