- Depositing $7.1B worth of Bitcoin on exchanges creates selling pressure, contributing to BTC’s drop below $115,000 recently.
- The whale’s profit-taking near all-time highs may trigger other sellers, amplifying downward momentum as traders react cautiously.
An early Bitcoin holder transferred over 80,000 BTC this month. These coins had remained untouched since 2011. The holder moved the Bitcoin to Galaxy Digital around July 15th. This occurred as Bitcoin reached its highest price level.
Galaxy Digital subsequently sent portions to exchanges. By last Friday, 61,697 BTC had reached platforms like Binance and OKX. This quantity equals approximately $7.1 billion. ETHNews link this movement to Bitcoin’s price drop below $115,000. The arrival of such volume on exchanges creates direct downward pressure. Sellers now have more coins available than buyers may absorb quickly.
Traders noticed this unusual activity
Seeing such large, old coins move near peak prices signals potential profit-taking. This perception can encourage other holders to sell their Bitcoin. Such collective action might deepen price declines. The holder’s decision after 14 years suggests a view that prices are suitable for selling. This changes short-term market attitudes toward caution.
Attention now turns to buyer demand. The central question involves whether sufficient purchasing power exists for $7.1 billion worth of Bitcoin. If buyers cannot match this supply, further price decreases may follow.
However, perspective matters. These 80,000 BTC represent under 0.4% of all circulating Bitcoin. Most Bitcoin remains held by long-term owners without recent movement. The network’s operational rules continue unchanged. The market’s capacity to manage this specific supply influx will shape immediate price direction.
Bitcoin (BTC) is trading at $116,109.44, reflecting a daily increase of 2.11%. The market capitalization stands at approximately $2.3 trillion, with a 24-hour trading volume of $99.13 billion, indicating sustained institutional and retail interest.
Bitcoin has breached the $115,000 resistance level and is now testing the upper range around $116,500–$117,000. The 50-day moving average lies near $109,400, which BTC has decisively moved above, confirming short-term bullish momentum. The 200-day MA sits around $101,300, and price action has consistently maintained above this level since June.
