Bitcoin News Today: Galaxy Digital's $9.5B Bitcoin Transfer Triggers 2-3% Price Drop and 5-7% Market Cap Slide

Galaxy Digital's recent movement of over $9.5 billion worth of Bitcoin has triggered heightened volatility in the cryptocurrency market, with Bitcoin slipping 2–3% to $115,500–$116,000 amid concerns of a potential selloff. The firm transferred 11,910 BTC (approximately $1.39 billion) to multiple exchanges within 9 hours, a move that has intensified speculation about large-scale liquidation activity. This follows earlier transfers totaling 80,202 BTC (valued at $9.5 billion) between July 15 and 18, including a $236 million shipment to Binance and Bybit on July 15 [1].

The rapid offloading of Bitcoin has coincided with a broader market correction, as the total crypto market capitalization dropped 5–7% in the past 24 hours. Futures markets saw over $700 million in long position liquidations, exacerbating downward pressure as traders grappled with sudden losses. On-chain analysts noted that such transfers, while not definitively signaling sales, often correlate with short-term price weakness. Bitcoin’s decline to levels not seen in weeks has left the market testing key support zones, raising questions about the resilience of recent bullish momentum.

Despite the near-term turbulence, institutional confidence in Bitcoin remains intact. Exchange inflows into Bitcoin ETFs continue to show steady demand, suggesting that large-scale selling by firms like Galaxy may be more aligned with routine portfolio rebalancing rather than a bearish outlook. Crypto analyst T emphasized that the current dip reflects profit-taking near critical price levels rather than a fundamental shift in sentiment. He highlighted Bitcoin’s 500% rally since ETF approvals as evidence of enduring institutional conviction, comparing the scenario to MicroStrategy’s early BTC sales, which did not derail its long-term price trajectory [1].

Market participants are now closely monitoring further actions by Galaxy Digital and other major players, as well as broader macroeconomic indicators, to gauge whether this correction will persist or evolve into a buying opportunity. While the immediate focus remains on short-term volatility, the long-term trajectory of Bitcoin appears supported by structural demand and ongoing adoption trends.

Source: [1] [Bitcoin Selloff Alert: Galaxy Digital Triggers Panic With $9.5B BTC Moves] [https://coinpedia.org/news/bitcoin-selloff-alert-galaxy-digital-triggers-panic-with-9-5b-btc-moves/]