Bitcoin has fallen sharply in the last 24 hours, dipping nearly 3% at its lowest point in two weeks to around $115,376.
According to Encryption Data followed the recent peak of around $119,291 on July 24th, sweeping out nearly $4,000 worth of value on past days.
The sudden drop could be linked to large Bitcoin holders who are gaining generations.
Blockchain analytics platform LookonChain reported that asset management company Galaxy Digital has shifted nearly 30,000 BTC from its wallet in one day.
According to blockchain companies, most of them At least $1.15 billion in Bitcoin has been sent to centralized exchanges such as Binance and Binance. In-store (OTC) trading platform.
Despite the massive spill, the Galaxy still holds 18,504 BTC, worth around $2.14 billion at its current price. Sani from TimeChainIndex has valued the total BTC sold by Galaxy from old Bitcoin wallets for around $8 billion over the past week
Meanwhile, the size and speed of the transfers have sparked concerns about further selling in the short term.
BRN lead research analyst Valentin Fournier commented on the price movement and noted that this marked the second day of loss. He said the market has been cooled after an overheated stretch, weakening trading momentum and slowing the inflow of new ETFs.
He added:
“We consider this a potentially healthy reset, especially after excessively long positioning has been washed away. We expect that Bitcoin could be reduced to the $110,000 support zone over the next few sessions.”
Altcoins wobble
Meanwhile, downward pressure hasn’t saved Altcoins either, as key assets like XRP, Solana and Dogecoin all have recorded modest losses alongside Bitcoin slump.
According to Encryption Data, Ethereum appeared as a rare acquirer during the period, increasing by about 2% to $3,722 at press time.
Bitunix crypto analyst Dean Chen believes it is due to a pull back to broader market profit-taking behavior after the extended gathering. He emphasized that the move is likely a fluidity sweep aimed at excessively long positions.
He added:
“From a structural perspective, prices remain above the main levels and no major breakdowns are observed. This suggests that they are still in the integration stage rather than entering the full-scale bear market, suggesting that new accumulations will be seen when broader uncertainties are cleared.”