Bitcoin News Today: Bitcoin Price Dips 2.11% as Dormant Whale Transfers 61,697 BTC to Exchanges

Bitcoin’s recent price correction below $115,000 has drawn attention to a significant transfer of dormant cryptocurrency by a long-term holder. An early Bitcoin participant, who had held 80,000 BTC since 2011, began moving the coins to Galaxy Digital around July 15, coinciding with the asset’s peak price level. Galaxy subsequently distributed 61,697 BTC—valued at approximately $7.1 billion—across exchanges like Binance and OKX by late last week. This influx of liquidity has intensified selling pressure, contributing to the price dip [1].

The movement of such a large, previously inactive supply has raised concerns about short-term market dynamics. Analysts note that the whale’s actions near record highs signal potential profit-taking, which could encourage other holders to follow suit. The timing—during a period of heightened volatility—has amplified caution among traders. With over $7.1 billion in Bitcoin now available for sale, the balance between buyer demand and this sudden surge in supply will be critical in determining the asset’s near-term trajectory [2].

While the transaction represents a relatively small fraction of the total circulating supply (under 0.4%), the sheer volume of coins entering exchanges creates immediate downward pressure. Most Bitcoin remains with long-term holders, and the network’s fundamental structure remains unchanged. However, the market’s ability to absorb this sudden liquidity will shape price direction in the coming weeks.

Current on-chain data highlights mixed signals. Bitcoin (BTC) trades at $116,109.44, reflecting a 2.11% daily gain, with a market capitalization of $2.3 trillion and 24-hour trading volume of $99.13 billion. Technically, the price has tested the $116,500–$117,000 range, with the 50-day moving average at $109,400 and the 200-day moving average near $101,300. These indicators suggest short-term bullish momentum despite the recent dip [3].

The market now faces a pivotal test: whether institutional and retail buyers can sustain demand for the newly available supply. If buyers fail to match the increased volume, further declines may follow. Conversely, robust buying interest could stabilize prices and reinforce Bitcoin’s resilience. The broader market’s reaction to this whale activity underscores the delicate interplay between large holders and price dynamics in a highly liquid but still nascent asset class.

Source: [1] [Bitcoin Price Dips as Dormant Whale Transfers 61,697 BTC to Exchanges] [https://coinmarketcap.com/community/articles/688386d347f0ca5c1f9bd1ce/] [2] [Bitcoin Price Dips as Dormant Whale Transfers 61,697 BTC to Exchanges] [https://coinmarketcap.com/community/articles/688386d347f0ca5c1f9bd1ce/] [3] [BTC/Tradingview] [https://coinmarketcap.com/community/articles/688386d347f0ca5c1f9bd1ce/]