Bitcoin 
$82,774 recently plunged to $115,080, marking its lowest point in two weeks. This decline was largely triggered by a significant transfer made by Galaxy Digital, which moved 10,000 BTC, equivalent to approximately $1.18 billion, to cryptocurrency exchanges. At the time the report was composed, Bitcoin was trading around $115,404, marking the lowest threshold recorded since July 10.
Impact of Galaxy Digital’s Bitcoin Sales
According to Lookonchain, financial services firm Galaxy Digital conducted a massive transfer of 10,000 BTC from its commercial portfolio to cryptocurrency exchanges. This transaction occurred at 07:26 Turkish time. Analysts suggest that this operation was a profit-taking move.
Shortly after the initial large-scale transfer, the company moved an additional 2,850 BTC (approximately $330 million) to the exchanges. This subsequent transfer intensified selling pressure, making it more challenging for Bitcoin prices to recover. These consecutive substantial transactions increased market liquidity, weakening buyers’ positions while strengthening that of sellers. The high-volume sales hindered the price recovery of the leading cryptocurrency.
Price Decline Triggers Market Liquidations
Beyond Galaxy Digital’s transfers, the crypto community also focused on the well-known whale, known by the alias AguilaTrades. A portion of this investor’s 20x leveraged long position was liquidated, resulting in a $2.1 million loss in a single trade. Currently, the whale is facing a $4 million loss, bringing the total portfolio value down to $37 million.
Data from CoinGlass reveals that a total of $706.66 million in positions were liquidated over the last 24 hours. Among these, $551.67 million stemmed from long positions. Experts highlight that the selling pressure instigated by Galaxy Digital has exacerbated vulnerability in leveraged trades.
