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Bitcoin Plunges to $115K After Galaxy Digital Moves Over $1 Billion in BTC
Bitcoin – According to analytics firm Lookonchain, financial services giant Galaxy Digital has transferred a staggering 10,000 BTC—valued at roughly $1.18 billion—to exchanges just hours ago. This massive deposit is believed to have contributed significantly to Bitcoin’s sharp plunge earlier this Friday. At 4:26 UTC, Bitcoin dropped to an intraday low of $115,125, marking its lowest point since July 10.
Currently, BTC is struggling to stabilize and is trading near $115,564. Notably, the BTC involved in this transfer originated from a legendary Satoshi-era whale who recently moved $4.77 billion worth of Bitcoin to Galaxy Digital, as previously reported by U.Today.
Galaxy Digital Adds More BTC to Exchanges, Increasing Pressure
The sell-off shows no signs of slowing down. Lookonchain revealed that Galaxy Digital sent another 2,850 BTC—around $330 million—to exchanges just 20 minutes ago, putting further pressure on BTC bulls and potentially fueling more downside.
Whale Liquidation Adds to Market Chaos
Following the sharp decline in Bitcoin’s price, a well-known whale tracked by the community under the pseudonym AguilaTrades suffered a significant blow. The whale was partially liquidated on a massive 20x long position, losing $2.1 million in the process. Despite the liquidation, AguilaTrades still holds a BTC position with a floating loss of about $4 million. His overall portfolio now sits at approximately $37 million.
Over $700 Million Liquidated in 24 Hours
According to CoinGlass, the total liquidations in the last 24 hours have reached $706.66 million, with long positions accounting for the majority at $551.67 million wiped out. This massive liquidation wave underscores the extreme volatility and risk present in the current crypto market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
