- A whale moved 7,743 BTC worth $916M and pulled the Bitcoin price down to $116K fast.
- Galaxy Digital added 4,500 BTC to custody and then sent coins to Binance and Bybit.
- In one day $83M in Bitcoin trades got liquidated as retail traders faced quick losses.
Bitcoin markets faced a large disruption today after a whale transferred 7,743 BTC—valued at approximately $916 million—from Coinbase to an unknown wallet, as per Whale Alert. The transaction occurred at 6:45 AM UTC and coincided with a sharp price drop from $120,000 to a 24-hour low of $116,000. This massive movement represented a major fraction of the day’s overall trading volume across multiple exchanges.
Large-scale movements of Bitcoin often suggest strategic repositioning rather than casual portfolio shuffling. When such volumes exit centralized platforms like Coinbase, the reduction in exchange liquidity often shifts short-term supply dynamics. As traders reacted to the transfer, price volatility followed closely, triggering considerable liquidations across various markets.
Institutional Moves Add More Fuel to the Volatility
On July 15, Galaxy Digital made a large-scale move by transferring 4,500 BTC worth approximately $537 million from an anonymous wallet into its custodial control. The firm’s activity came just before Bitcoin peaked above $123,000, suggesting strong institutional involvement. The upward trend appeared to begin around July 13, with the move contributing to the surge.
Galaxy Digital later transferred 2,000 BTC—roughly $236 million—to exchanges Bybit and Binance. These transactions hinted at potential liquidity positioning. Additionally, another 1,500 BTC was moved into Galaxy’s treasury. This led to the firm’s total Bitcoin holdings surpassing 40,288 BTC, marking an aggressive accumulation phase.
Related: Whale Moves 66,330 SOL to Binance, Totaling $116.36M in 2025
These strategic shifts occurred just as retail traders experienced heightened pressure. Within 24 hours, $83.07 million worth of leveraged BTC positions were liquidated. This shows how institutional flows affect smaller players, with such moves often dictating short-term sentiment and momentum.
Price Activity and Technical Breakdown
According to the information on CoinMarketCap, Bitcoin is priced at $118,261.90 with a weekly increase of 0.36%, during reporting. On July 14, the price rose above $122,000 and then dropped to $116,000 on the next day.
On July 19, when the whale transferred funds, the costs of BTC recovered the drop and were going back to the $118K range. The fall was noted by analysts through a part of the response to overbought rates and then a new level of buying strength. High-volume transfers were closely related to the drop and bounce.
According to TradingView’s weekly chart, Bitcoin faced a bearish reversal after rejection at the $123,296 resistance. A Fair Value Gap (FVG) formed between $111,782 and $123,296 suggests price imbalance. The rounded bottom that triggered the earlier rally has now lost strength.
Related: TradingView
If bearish momentum continues, the price may fall to $111,782 or lower to $98,902. Although the MACD remains positive, fading histogram bars show weakening strength. The 9-week SMA sits at $109,082, acting as a crucial support line amid growing market caution.
With regard to this weekend, the Bitcoin price level will probably be determined by the whale wallet activity. In case there is no activity in the wallet, the market may stabilize. Nevertheless, the additional transfers, especially to exchanges, may boost volatility in the short term once more. In the meantime, traders should keep an eye on the levels of support at $111K and resistance around $123K as more critical levels in the near future.
