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Bitcoin took a sharp dive in the last 24 hours, dropping nearly 3% to approximately $115,376, marking its lowest point in a fortnight.
As per CryptoSlate’s data, this decline follows a recent peak of about $119,291 on July 24, erasing close to $4,000 in value over the past day.
This sudden decrease is believed to be linked to major Bitcoin holders cashing in significant profits.
According to blockchain analysis platform Lookonchain, asset management company Galaxy Digital transferred nearly 30,000 BTC from its wallets in a single day.
Most of these coins, valued at around $1.15 billion in Bitcoin, were reportedly sent to centralized exchanges like Binance and over-the-counter (OTC) trading platforms.
Despite these substantial outflows, Galaxy Digital still retains 18,504 BTC, valued at approximately $2.14 billion at current prices. Sani from Timechainindex estimates that Galaxy has sold around $8 billion worth of BTC from old Bitcoin wallets over the past week.
Concerns about potential further selloffs in the near future have been raised due to the size and speed of these transfers.
Valentin Fournier, lead research analyst at BRN, commented on the price movement, noting that this is the second consecutive day of losses. He mentioned that the market is cooling down following a period of overheating, with trading momentum weakening and new ETF inflows slowing.
He stated:
“We view this as a potentially beneficial reset, particularly after excessive long positions have been cleared. We anticipate further weakness that could potentially drive Bitcoin towards the $110,000 support level in the upcoming sessions.”
Decline in Altcoins
Altcoins have also felt the downward pressure, with major assets like XRP, Solana, and Dogecoin all experiencing slight losses in line with Bitcoin’s decline.
According to CryptoSlate’s data, Ethereum stood out as a rare gainer during this period, rising by approximately 2% to $3,722 at the time of publication.
Dean Chen, a crypto analyst at Bitunix, attributed the broader market pullback to profit-taking behavior following an extended rally. He highlighted that this move is likely a liquidity sweep targeting overleveraged long positions.
He added:
“Structurally, prices remain well-supported above crucial levels, with no significant breakdowns observed. This indicates that we are still in a consolidation phase, rather than entering a full-fledged bear market, and could potentially witness renewed accumulation once the broader uncertainty dissipates.”
