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Bitcoin’s summer melt-up has come to an abrupt halt. The benchmark cryptocurrency slipped from an intraday peak above $119,000 late Thursday to trade as low as $115,800 in European morning hours, its weakest print in a fortnight. The 2.7 percentage-point slide followed an unmistakable on-chain signal: Galaxy Digital quietly pushed more than 10,000 BTC—worth about $1.18 billion at the time—onto major exchanges in less than eight hours, according to wallet-tracking firm Lookonchain.
Galaxy Digital Triggers Bitcoin Slide
“Bitcoin sell-off still underway! Galaxy Digital deposited another 2,850 BTC ($330.44M) to exchanges,” Lookonchain warned on X in the early European morning hours, noting that the transfer originated from a Satoshi-era whale that re-awakened this month. Prior to that, the analytics account posted an alert: “Note that Galaxy Digital has deposited over 10,000 BTC ($1.18B) to exchanges in the past 8 hours!” Screenshots of Arkham Intelligence dashboards showed a series of multi-million-dollar transactions converging on Binance, Bybit and OKX.
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The flows are the latest chapter in a saga that began on 4 July, when an address dormant since 2011 started chopping an 80,009-BTC trove into 10,000-coin tranches. By 18 July the final 40,191 BTC—worth $4.8 billion—had landed at Galaxy, a move many analysts interpreted as a potential sale.
That potential is now reality. On-chain data shows Galaxy sends Bitcoin to various crypto exchanges almost every minute to sell it. The BTC price is…
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