Crypto Whale Dumps $1.7B in Bitcoin via Galaxy—BTC Slides to $115K
A seismic shift rocks crypto markets as an ancient Bitcoin whale offloads a staggering $1.7 billion position through Galaxy Digital.
The move triggers a 5% intraday drop—dragging BTC to $115,000 and leaving traders scrambling. Was this a strategic exit or panic selling? Either way, it’s a stark reminder that even in 2025, whales still move markets like pawn shops move counterfeit Rolexes.
Technical indicators now flash oversold signals, but with institutional players like Galaxy facilitating these block trades, retail investors are left reading tea leaves. The real question: Who’s accumulating at these levels—and is this the dip before the next leg up?
Galaxy bitcoin holdings (Source: Arkham Intelligence via Cauê Oliveira)
On-chain data indicates the bulk of the funds arrived in a handful of high-volume transactions, including a single 10,000 BTC deposit, which analysts associate with a custodial arrangement. Arkham data shows that the newly received Bitcoin remained static for several days before Galaxy began transferring it to exchange wallets.
Per Cauê Oliveira of BlockTrends, institutional selling activity became detectable as early as Thursday morning. Their analysis pointed to a net outflow of 40,000 BTC from large player wallets over seven days, accompanied by minimal book liquidity. The firm warned of potential downward pressure should further distribution take place in thin order books.
Bitcoin’s price has fallen approximately 2.5% in the last 24 hours, trading around $115,600 at time of writing. CryptoSlate data shows daily volume above $94 billion, suggesting traders are responding to increased sell-side pressure.
On-chain analysts noted that a portion of Galaxy’s outgoing Bitcoin is reaching exchange hot wallets in staggered batches, typically a pattern associated with distribution rather than custody migration.
The origin wallets, active prior to 2012 and dormant until this month, began transferring the 80,000 BTC on July 4. The final tranche, over 40,000 BTC, arrived on July 18. While the receiving addresses point to Galaxy, the firm has yet to confirm the beneficiary or the transaction’s purpose.
Galaxy Digital frequently handles assets on behalf of institutional clients. The nature of the recent flows suggests a strategic unwind is underway. Still holding more than 60,000 BTC, the firm has the option to continue offloading assets or return them to cold storage. Analysts remain focused on on-chain indicators to determine whether the current selling trend will persist.
