Bitcoin Drops 2.5% to $115,200 as Whales Move Millions to Exchanges

Bitcoin slipped 2.56% in the past 24 hours, falling below key short-term support levels. The decline comes amid a combination of large whale transactions, cooling technical momentum, and weak performance across the broader crypto market.

On July 25, Galaxy Digital moved 3,500 BTC—worth approximately $404 million—to centralized exchanges. Another 1,500 BTC ($176 million) went to unidentified wallets, according to on-chain data. These movements triggered fears of a potential sell-off, as whales shifting large holdings to exchanges often precede downward pressure on price.

The $580 million in outbound BTC transfers marked one of the largest single-day exchange inflows in recent weeks.

Bearish indicators confirm momentum loss

Bitcoin’s technical setup reflects growing bearish pressure. The MACD histogram printed -166.78, indicating a bearish crossover. RSI dropped to 62.21, down from 67 a week ago, suggesting a cooling in buying momentum.

BTC briefly touched $115,240 but managed to hold the level. However, the failure to break back above its 7-day simple moving average ($118,257) has triggered automated sell-offs and intensified the retreat.

ETF outflows and market-wide weakness weigh on sentiment

The broader crypto market also struggled, with total market cap down 2.72% on the day. Bitcoin ETFs saw $227 million in inflows on July 24, but aggregate assets under management have dropped $131 million month-over-month, according to Foresight News.

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Meanwhile, the Altcoin Season Index fell 11.9% in 24 hours, signaling that capital is not rotating into riskier assets. The Crypto Fear & Greed Index also ticked lower to 66, hinting at fading bullish conviction.

Conclusion

With whales on the move, bearish technicals mounting, and no strong altcoin rotation, Bitcoin’s near-term outlook remains cautious. Bulls must reclaim $118K to regain control—or risk deeper downside if sell pressure intensifies.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.