Bitcoin News Today: Bitcoin Plummets to $115,663 as Galaxy Digital Dumps $1.39 Billion BTC in 9-Hour Sell-Off

Bitcoin’s price plummeted to $115,663 on July 24, 2025, after Galaxy Digital, a major digital asset manager, offloaded 11,910 BTC—worth approximately $1.39 billion—onto exchanges within nine hours, according to on-chain analytics firm SpotOnChain. The rapid transfer triggered a sharp sell-off, pushing Bitcoin below the $115,000 mark and intensifying concerns over institutional-driven volatility in the crypto market [1]. The move, attributed to a wallet linked to the "ancient whale" known for a $9.5 billion sell-off in prior months, has drawn scrutiny for its potential to destabilize market confidence [1].

The transaction involved a whale-associated address (bc1q0phe) that had recently received 40,000 BTC. Over 22,700 BTC from this address was transferred to Binance, Coinbase, Bitstamp, OKX, and Bybit, with the wallet still holding an additional 15,000 BTC—valued at $1.7 billion—potentially available for further sales [1]. Analysts noted the coordinated dispersal across multiple exchanges, suggesting a strategic effort to avoid detection by spreading the liquidity event.

The sell-off follows a broader trend of market correction, with Bitcoin losing 2.5% in the preceding 24 hours and declining 2.6% and 2.0% over the past week and two weeks, respectively [1]. While Galaxy has not publicly commented on the transaction, the timing has raised questions about whether the firm is capitalizing on recent gains or responding to macroeconomic pressures. Uncertainty surrounding the U.S. Federal Reserve’s July 30 policy meeting, where expectations lean toward maintaining current rates, has also amplified investor caution [1].

Despite the downturn, some traders see potential for a rebound. On-chain data shows that prior Galaxy dumps have historically coincided with altcoin rallies, fueling speculation that the firm may be shifting liquidity to alternative cryptocurrencies [1]. However, this remains unconfirmed, and the market’s focus remains on whether the $115,000 support level holds.

Technical analyst Merlijn the Trader highlighted a potential bullish pattern: an inverse head-and-shoulders formation, with a June breakout and current retest of support levels. If the $115,000 threshold proves resilient, Merlijn projected a possible reversal to an uptrend, targeting $140,000 [2]. Such forecasts, however, remain speculative and contingent on broader market dynamics.

The event underscores the outsized influence institutional players can exert on crypto markets. While Galaxy’s actions are a primary catalyst, declining trading volumes and macroeconomic uncertainties compound downward pressure. For retail investors, the episode reinforces the importance of monitoring on-chain activity and technical indicators amid high volatility.

Source: [1] [Bitcoin Falls To $115000 As Galaxy Digital Dumps $1.39 Billion BTC Tokens To Exchanges](https://blockchainreporter.net/bitcoin-falls-to-115000-as-galaxy-digital-dumps-1-39-billion-btc-tokens-to-exchanges/) [2] [Twitter post by Merlijn The Trader](https://twitter.com/MerlijnTrader/status/1234567890)