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Bitcoin (BTC) is showing weakness, slipping to the $115,000 range and pulling further away from its recent highs.
It comes amid intense sell pressure associated with Galaxy Digital, driven by a multi-day offloading spree sourced from one of the largest known BTC whale wallets.
Dormant Bitcoin Giants Stir as Galaxy Digital Pressure Peaks
Blockchain analytics tool Lookonchain revealed that Galaxy Digital deposited 2,850 BTC, valued at $330 million, to exchanges early Friday. The transaction adds to over 12,800 BTC ($1.5 billion) moved to exchanges within 24 hours alone.
“Looks like Galaxy Digital has already dumped the 10,000 BTC ($1.18B)! Over the past 3 hours, they’ve withdrawn $370M USDT,” Lookonchain reported earlier.
The Bitcoin sold originated from a legendary whale address holding 80,009 BTC, worth around $9.6 billion before the sell-off.
This address began moving coins to Galaxy Digital on July 15. According to multiple posts from Lookonchain, the full transfer was completed by July 18. Over 40,000 BTC was moved in one day alone, triggering market concerns.
“The Bitcoin OG with 80,009 BTC seems to be selling BTC…In the past hour, they transferred 9,000 BTC ($1.06B) to Galaxy Digital—likely preparing to sell through their services,” Lookonchain noted on July 15.
Although the sell pressure weighed heavily on Bitcoin’s short-term price, some traders believe the worst may be over.
The good news is now that this Galaxy sell pressure is going out of the way, BTC can finally climb to all time-highs.
BUY THE DIP
— SalsaTekila (@SalsaTekila) July 25, 2025
Adding to the market’s unease, several long-dormant Bitcoin wallets suddenly became active in July, triggering speculation that more selling could follow. According to blockchain analytics platform SpotOnChain, three wallets, likely tied to a single entity, moved 10,606 BTC worth $1.26 billion this week.
All wallets received their BTC on December 13, 2020, when Bitcoin was priced at $18,803. At today’s prices, these Bitcoin tokens have recorded a 6.3x gain.
Dormant Bitcoin Wallets Wake Up En Masse in July
Lookonchain also identified a whale wallet that has been dormant for 14.5 years. This week, it transferred 3,962 BTC ($468 million) to a new address.
The same wallet received its Bitcoin at $0.37 per coin in January 2011, making it one of the oldest addresses to reactivate in recent memory.
Earlier in July, another wallet moved 6,000 BTC ($649 million) after being quiet for six years. All three cases involve long-term holders transitioning to newer wallets or exchanges.
Community members on X (Twitter) have taken notice. Some speculate that these Satoshi-era Bitcoin holders may be preparing to exit during the next bullish leg.
“There’s been a lot of old bitcoin transfers lately,” one user posted. “Could they be preparing to sell off during the next bull run?” wrote one user.
Combined with Galaxy Digital’s recent liquidation activity, the reawakening of these aged wallets suggests a shifting dynamic in the crypto market. Old supply is increasingly being repositioned ahead of expected volatility.
Yes, coins moving from LTH to STH
— Maartunn (@JA_Maartun) July 24, 2025
While Bitcoin’s fundamentals remain strong, July’s trend of whales moving coins has injected fresh uncertainty into the short-term outlook. Now, traders are monitoring volatility to confirm that the selling is done, and investors hope fresh inflows can lift BTC back toward new highs.
Meanwhile, as Bitcoin whales spook markets, altcoin traders signal capital rotation that could catalyze an altseason.
This expectation comes as the timing aligns with a steep decline in Bitcoin dominance. This index fell from 64% to 60% between July 17 and July 21.
Bitcoin Dominance. Source: TradingView
The index attempted a modest recovery on Friday, with a 61.55% reading as of this writing.
A falling dominance metric suggests investors are rotating out of Bitcoin and into altcoins. This trend is one of the earliest signs of an emerging altcoin season.
Altcoin Season Index. Source: Blockchain Center
The Altcoin Season Index, at 43, shows that the crypto industry is not yet in the altseason. However, the rising trajectory further supports the shift in market momentum.
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