Bitcoin’s price fell sharply to the $115,000 level following substantial sell pressure from institutional players and unexpected movement from long-dormant wallets.
Galaxy Digital executed a significant sale of over 12,800 BTC, valued at approximately $1.5 billion, during a 24-hour period. This major offload directly contributed to the decline recorded during trading.
Simultaneously, a previously inactive ‘whale’ wallet moved 10,606 BTC, worth around $1.26 billion, signaling a potential shift in holdings and injecting heightened uncertainty into market sentiment.
The impact was also reflected in the broader market structure, with Bitcoin’s dominance index experiencing a notable drop from 64% to 60%. This decline is viewed as a potential early signal of capital rotating out of Bitcoin and into alternative cryptocurrencies (altcoins).
While some traders are speculating on a potential price rebound, current conditions remain volatile. The combined effect of the Galaxy Digital sale and the massive whale wallet reactivation continues to exert pressure. Supporting the rotation thesis, market indicators like the Altcoin Season Index are hinting at the preliminary stages of an emerging ‘altseason’ environment.