Whale Alert: $500M Bitcoin Move Sparks Market Frenzy – Is This the Big Shakeout?
Markets recoiled as a seismic Bitcoin transaction hit the blockchain—just as Wall Street bankers finished their third martini lunch.
The 10,000 BTC transfer triggered instant volatility, with derivatives markets flashing red and spot prices swinging 5% in minutes. On-chain sleuths traced the coins to a dormant 2017 wallet, fueling speculation about a long-term holder cashing out... or positioning for the next rally.
Meanwhile, crypto Twitter erupted with theories: Institutional accumulation? Mt. Gox trustee selling? Another billionaire 'hedging against inflation' while retail gets liquidated?
The move comes amid thinning summer liquidity—perfect conditions for whale-sized ripples. Exchanges reported triple the usual BTC order book slippage as algorithms scrambled to adjust.
One thing's certain: When Bitcoin whales swim, the market drowns in volatility. And as usual, the sharks are already circling—ready to feast on leveraged traders' stop losses.
$115,378 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.
ContentsImpact of Galaxy Digital’s Bitcoin SalesPrice Decline Triggers Market Liquidations
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.
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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.
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