Massive Bitcoin Move Sparks Panic, Price Tests Range Low

Bitcoin has dropped sharply to test its local range low near $115,000, with analysts pointing to renewed whale activity and long-dormant supply movements as key contributors to the decline.

Glassnode data shows that 3,900 BTC aged over 10 years became active on July 24, following an earlier 80,000 BTC transfer on July 4. These movements have reignited concerns about internal reallocations or possible sell-side pressure.

According to on-chain analysts, such activity typically suggests custodial shifts or strategic selling from early holders, and may indicate a temporary phase of liquidity stress. The Bitcoin supply aged over a decade moving on-chain is rare, and when combined with visible exchange flows, it often foreshadows increased market volatility.

DaanCrypto Trades further confirmed that Galaxy Digital has been sending over $2 billion worth of Bitcoin to exchanges over recent weeks, aligning with the timeline of the 80,000 BTC transfer. This substantial inflow has seemingly capped Bitcoin’s price action around the $118K–$121K range, with the asset now plunging toward the $113.5K support zone.

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As Bitcoin tests its range bottom, volume has spiked, and price structure has turned bearish on lower timeframes. DaanCrypto suggests a breakdown from this range could lead to further losses unless the sell-off abates. “If more coins get sold off, it’s going to be difficult to hold on,” he warned, while noting he is personally “waiting for this to blow over.”

Market watchers are now closely monitoring exchange inflows, long-term holder activity, and whether the $113K–$114K range can hold firm. If not, the next wave of sell pressure could cascade further into spot and derivatives markets.

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.