Bitcoin Plunges Below $115K as Galaxy Digital Transfers 30,000 BTC to Exchanges, Triggering Market Sell-Off

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Bitcoin Plunges Below $115K as Galaxy Digital Transfers 30,000 BTC...

Todor Tsonev
25 July, 2025, 17:03
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Bitcoin Shaken as Galaxy Digital Moves 30,000 BTC to Exchanges — Market Dips Below $115K

In a dramatic turn of events that rattled the cryptocurrency markets, Galaxy Digital transferred 30,000 BTC, valued at approximately $3.45 billion, to major exchanges. This massive movement sparked a sudden sell-off and sent Bitcoin (BTC) plunging below the $115,000 mark. The abrupt shift has reignited discussions about whale activity, institutional intent, and the psychological thresholds shaping the current crypto cycle.

Whale Activity Confirmed: 30,000 BTC Hits Exchanges

The transfer, confirmed by on-chain analysts and reported by Bitcoin News on X, comes after Galaxy Digital received 80,000 BTC from a long-dormant wallet—active last in 2011. The transfers, reportedly made in July in several tranches, culminated in a final 40,000 BTC consolidation just a week ago.

Many had speculated this move signaled a major sell-off, and today's activity appears to validate those fears. Screenshots posted online show multiple transfers of ~5,000 BTC (each worth over $345 million) sent to top-tier exchanges including Binance and OKX during the early hours of July 25.

Bitcoin Price Falls Below $115K — A 2% Drop in One Day

Following the transfers, Bitcoin’s price dropped from $117,450 to $114,760, marking a 2% decline in a matter of hours. The sell-off wasn’t confined to BTC alone. Altcoins followed suit, with Ethereum (ETH) and XRP experiencing even sharper intraday declines.

$950 Million in Liquidations

According to Coinglass, the cascading effect of this whale movement caused more than $950 million in crypto positions to be liquidated, affecting over 310,000 traders. Longs were hit especially hard, as bullish sentiment had been building following Bitcoin’s ATH of $120,300 on July 14.

Fear and Greed Index Plunges

Bitcoin Price Dips Below $116K Amid Galaxy Digital Transfers: Sell-Off or Rebalancing?

The Crypto Fear and Greed Index saw a rapid drop, reflecting rising caution and short-term bearish sentiment. It currently stands at 38 (Fear), down from 66 (Greed) just a week ago—highlighting a shift in market mood as traders reassess risk levels.

Analysts Divided: Panic or Opportunity?

The motives behind Galaxy Digital’s move remain murky:

Profit-taking: Some believe the original whale who moved the coins to Galaxy is finally realizing profits after holding BTC since it was worth less than $1 in 2011—cashing out with a return of over 34,000,000%.
OTC Deals: Others argue Galaxy may be conducting over-the-counter (OTC) sales or facilitating large purchases for institutional clients like MicroStrategy or BlackRock, limiting market disruption while securing liquidity.
Market Manipulation? Some skeptics speculate this could be an attempt to trigger stop-loss cascades, allowing the whale or institutional players to reaccumulate at lower levels.

Technical Outlook: Is This a Bull Flag or Start of a Breakdown?

Before today’s dip, Bitcoin was forming a Bull Flag pattern, signaling a potential continuation of the broader uptrend from the June 22 low (~$102,000). However, BTC has now logged three consecutive red daily candles, retracing from the ATH of $120,300 to current levels just under $115,000.

Analysts point to the 1D MA50 as the next critical support. If that level fails, the 1D MA200 —currently near $108,000—might serve as the final defense before a deeper correction.

A return to the MA200 could mirror the May 22–30 fractal, which also followed a failed breakout attempt after a Channel Up formation.

Todor Tsonev publication: "Bitcoin Plunges Below $115K as Galaxy Digital Transfers 30,000 BTC to Exchanges, Triggering Market Sell-Off" was written for 24crypto.news