The decline comes amid heavy sell pressure linked to large-scale transactions from long-time holders.

Blockchain data suggests Galaxy Digital was behind a major move, shifting approximately 30,000 BTC—valued at over $1.1 billion—to exchanges and OTC platforms. While the firm still holds around 18,500 BTC, the aggressive liquidation has rattled the market. One estimate puts the total BTC offloaded by Galaxy at close to $8 billion over the past week.

Analysts interpret the pullback as a market cooldown. BRN’s Valentin Fournier described the drop as a “healthy reset,” noting that momentum had overheated. He warned that Bitcoin might continue to slide toward $110,000 if selling persists.

The correction has spilled over to altcoins, dragging down major tokens like Solana and XRP. Ethereum, however, managed a modest gain, rising to $3,722.

Bitunix’s Dean Chen believes this phase is part of a broader shakeout targeting overleveraged positions. He emphasized that key support zones are still intact, suggesting consolidation rather than a full market reversal.

The post Whales Unload Bitcoin – Is $110K the Next Stop? appeared first on Coindoo.

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Filed under: Bitcoin - @ July 25, 2025 1:30 pm