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.