Bitcoin price today is facing fresh turbulence during a dramatic “crypto week,” as a Satoshi-era whale triggered a major sell-off, sending prices tumbling below $117K. The sudden move spooked the market, erased over $400 million in long positions, and dragged the entire crypto sector down sharply.
Bitcoin Crashes to $116K Amid Whale Activity
Bitcoin price surged toward $123,000 earlier today but swiftly reversed course after an ancient whale wallet moved a massive amount of BTC. The flagship cryptocurrency hit an intraday low of $116,218, marking a sharp downturn of nearly 6%.
According to on-chain tracker Lookonchain, a wallet linked to the early days of Bitcoin transferred 9,000 BTC (worth over $1 billion) to Galaxy Digital, followed by another transfer of 7,843 BTC. This sudden movement ignited widespread fears of a broader dump.
The Whale That Shook the Market
What spooked investors even more was Galaxy’s subsequent activity—over $236 million worth of BTC from the stash was sent to major exchanges like Binance and Bybit, suggesting distribution was already underway. This led many to believe a large-scale sell-off was in progress.
Adding to the concern, the wallet reportedly holds over 80,000 BTC, leaving the market vulnerable to further dumps.
“The timing couldn’t be worse. Traders were already booking profits, and this whale just blew the lid off,” said one analyst monitoring the whale movement.
$400 Million Liquidated as Market Sentiment Turns Bearish
The whale’s action caused a cascade of liquidations. According to CoinGlass, more than $400 million in long positions were wiped out within just four hours, triggering a market-wide panic.
CryptoQuant also confirmed a spike in profit-taking before the whale’s move, signaling that many traders were already skeptical of Bitcoin sustaining the $120K+ rally.
The shift in sentiment was quick and brutal. Many large players flipped their positions from long to short, reflecting a defensive mood in the market.
Altcoins Follow Suit — Ethereum, XRP, Solana Drop
Bitcoin’s plunge had a ripple effect across the crypto market:
- Ethereum (ETH) dropped by 1.4%
- XRP and Solana (SOL) fell nearly 2% each
- Total crypto market cap declined over 3.2%, the largest one-day drop in more than three weeks.
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What Analysts Are Saying
Crypto experts believe this sell-off could mark a local top, especially as Bitcoin failed to sustain above key resistance levels. The current move is also testing a crucial order block, a zone where buyers previously stepped in to support prices.
“This kind of whale activity rarely happens without consequences,” one analyst said. “If distribution continues, we may see a retest of lower levels like $112K or even $108K.”
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Macro Factors Adding Fuel to the Fire
Adding to the market’s fragility is the broader macro uncertainty:
- Regulatory tension in Washington over new crypto legislation
- Uncertainty around the Federal Reserve’s rate-cut trajectory
- Investors securing profits ahead of potential CPI surprises this week
While bulls were hoping for a push toward $150,000, this whale-triggered correction is a reminder of how fragile market sentiment can be—especially when old wallets start moving.
Conclusion: Why Bitcoin Is Down Today
To summarize, Bitcoin’s sharp drop today is primarily due to:
- A Satoshi-era whale moving 17,000 BTC
- Galaxy Digital distributing coins to exchanges
- A liquidation cascade wiping out $400M
- A sudden shift in sentiment and profit-taking by traders
For now, all eyes are on whether more of the whale’s stash enters the market—and if other large holders follow suit. The next few days could decide whether this is a healthy pullback or the start of a deeper correction.
FAQ
A massive transfer of 17,000 BTC by a Satoshi-era whale to Galaxy Digital triggered panic selling and liquidations.
If more of the whale’s BTC is sold or if market sentiment stays weak, a retest of lower support levels is likely.
According to CoinGlass, over $400 million in long positions were liquidated in just four hours.
