Why is the market down today?

The crypto world was thrown into chaos today after Galaxy Digital moved 30,000 BTC—worth about $3.45 billion—onto major exchanges , sending Bitcoin prices tumbling. The transactions, spotted on-chain and confirmed by Bitcoin News on X, came just a week after the firm received 80,000 BTC from a long-dormant wallet last active in 2011. That ancient whale had quietly consolidated its holdings into Galaxy’s custody throughout July, with the final 40,000 BTC transfer happening just a week ago. Many saw this as a hint of a coming sale, and those fears have now come true. Screenshots shared online show a series of chunky transfers—each worth roughly $345 million—to exchanges like Binance and OKX, happening in the early hours of July 25. As a result, Bitcoin dipped below $115,000, falling 2% in a single day. Over $950 million in crypto positions were liquidated , with over 310,000 traders caught in the storm. Ethereum and XRP suffered deeper drops, while Bitcoin’s market dominance weakened slightly. Speculation is swirling. Some think the whale is cashing out after holding since 2011—reaping an almost unimaginable return. Others believe Galaxy might be arranging quiet OTC sales or moving BTC for major buyers like MicroStrategy or BlackRock. Adding to the tension, the Crypto Fear and Greed Index has dropped sharply, signaling rising caution. Still, analysts are split. Some see this as a short-term shakeout before another rally, while others warn of a deeper correction if whale activity continues at this pace. Whatever the motive, one thing is clear: Galaxy’s BTC move has jolted the market, and traders are now bracing for what comes next .

Source: Coinpaprika