tl;dr
Galaxy, a proprietary trading desk, deposited 10,000 BTC (about $1.18 billion) to exchanges, triggering a sharp Bitcoin price drop to $115,125, the lowest since July 10. The 10,000 BTC originated from a Satoshi-era whale who recently transferred $4.77 billion in holdings to Galaxy. Galaxy continued ...
According to data from analytics firm Lookonchain, Galaxy, a proprietary trading desk, deposited 10,000 BTC (approximately $1.18 billion) to exchanges just hours ago. This large influx likely triggered a sharp Bitcoin price drop earlier this Friday, with the price hitting an intraday low of $115,125 at 4:26 a.m. UTC—the lowest since July 10. Currently, Bitcoin is trying to regain ground and is trading around $115,564.
Interestingly, a Satoshi-era whale recently transferred their remaining $4.77 billion holdings to Galaxy. Lookonchain confirmed that the 10,000 BTC sale originated from this original whale’s stash. The sell-off continues as Galaxy moved another 2,850 BTC (around $330 million) to exchanges just 20 minutes ago, intensifying the selling pressure on Bitcoin bulls.
The sharp downward movement also led to significant liquidations in the market. AguilaTrades, a well-known whale in the community, faced partial liquidation on a massive 20x long position, losing $2.1 million. Despite that, the whale still holds a BTC position with a floating loss of $4 million, reducing their portfolio to $37 million.
Data from CoinGlass reveals that over the past 24 hours, liquidations totaled $706.66 million, with long positions suffering the bulk of the losses at $551.67 million. This series of events highlights the volatile interplay between whale movements, market liquidity, and Bitcoin price dynamics in today's crypto market.