Bitcoin News Today: Bitcoin drops 3 as dormant whale sells 30000 BTC on exchanges

Bitcoin's price dropped this week as blockchain tracking platforms revealed a massive sell-off initiated by a long-dormant whale account. Galaxy Digital, acting as an intermediary, moved approximately 30,000 BTC—valued at over $3.5 billion—onto exchanges such as Binance and OKX, triggering concerns about a broader market correction. This sell-off is part of a larger 80,201 BTC trove linked to a wallet first active in 2011 [1].

The most significant transfer occurred on Friday, with 22,610 BTC moved, followed by smaller deposits that suggest a staged liquidation process. These movements coincided with Bitcoin falling below $115,000, marking a roughly 3% drop in a single day. Analysts note that the scale and timing of these transfers could trigger a ripple effect, potentially alarming other large holders and prompting leveraged traders to panic-sell [2].

With over 61,000 BTC already transferred to exchanges—out of the original 80,000 BTC stash—Galaxy’s actions have drawn attention to the potential for continued downward pressure. These transfers occurred just after Bitcoin reached an all-time high of $122,838 on July 15 and 18. Meanwhile, over $1.15 billion in stablecoins have been moved off exchanges, leading some observers to speculate that the worst may be over, though the damage may already be in motion [3].

The inflow of large BTC volumes into centralized exchanges typically triggers automated selling and fear-based reactions among both retail and institutional investors. If more major holders decide to follow suit, the market could quickly test critical support levels.

Amid the growing uncertainty, some traders are shifting their focus toward smaller, early-stage assets that are less likely to be affected by whale-driven volatility. One such token gaining traction is MAGACOIN FINANCE, which has attracted interest from smart money circles due to its unique momentum and community support. Recent analyst reports highlight a potential 8,700% upside, and previous token sales have sold out rapidly, indicating strong investor confidence [4].

The recent XRP price drop below $3 has also raised concerns about the broader market stability. The decline erased billions in market value overnight and coincided with widespread panic selling across major exchanges, including Binance. Although Ripple has been actively exploring treasury strategies to generate yield, the sharp price drop has cast doubt on XRP’s ability to maintain recent gains [1].

The broader crypto market saw a wave of liquidations in late July and early August, with over $600 million wiped out in the process. Bitcoin fell below $115,000, triggering over $700 million in long-position liquidations, while Ethereum faced $226 million in long position losses following key support level breakdowns [3]. These trends highlight the growing bearish pressure in the market, particularly as Bitcoin’s dominance weakens and altcoins like XRP and Ethereum face renewed scrutiny.

Despite the volatility, some market observers remain cautiously optimistic. Binance notes that Ethereum has historically shown upward momentum during bearish cycles, with smart money often accumulating at the bottom. However, this outlook contrasts with more bearish predictions, including those from Eric Trump, who recently advised investors to “buy the dip,” drawing parallels to previous market cycles [4].

The sharp drop in XRP’s price has also sparked debates about the viability of yield-generating strategies involving the token. While more companies are leveraging XRP treasuries, the token’s recent performance suggests these strategies may not deliver the stability many investors expect [1]. Coinpedia notes that the market remains under bearish pressure, with Bitcoin falling from $120,000 to $113,000 since mid-July, a move that could have long-term implications for altcoins like XRP [5].

As the market continues to grapple with uncertainty, investors are being urged to remain cautious. Barchart.com emphasizes that price fluctuations are a normal part of the crypto landscape, and long-term strategies may still yield results. However, without immediate buyer interest, the pressure on XRP and Ethereum could persist, extending the current bearish trend [6].

Sources:

[1] https://www.reddit.com/r/CryptoCurrency/comments/1mfp74o/xrp_plunges_below_3_erasing_billions_overnight/

[2] https://www.tradingview.com/news/u_today:e1c25cf66094b:0-xrp-price-is-3-club-closed-ethereum-eth-last-chance-for-4-000-bitcoin-btc-is-150-000-still-available/

[3] https://www.thecoinrepublic.com/2025/08/02/crypto-market-faces-600m-liquidation-more-dip-incoming/

[4] https://coinedition.com/eric-trump-says-buy-the-dip-on-btc-and-eth-heres-what-happened-last-time/

[5] https://coinpedia.org/price-analysis/top-altcoins-to-watch-next-week-xrp-pi-coin-and-shiba-inu-eye-recovery-amid-bearish-pressure/

[6] https://www.barchart.com/story/news/33836386/dont-panic-if-xrp-drops-easily-start-daily-passive-income-with-let-mining