Bitcoin (BTC) has dropped by over 3% in the last 24 hours, falling to near $115,000. This sharp decline follows a major sell-off by Galaxy Digital and has triggered widespread volatility across the crypto market. Investors are now closely watching for potential support or deeper corrections.

Bitcoin Drops 3% as Galaxy Digital Sells Over $1.18 Billion in BTC

Bitcoin’s price has declined by more than 3% over the past 24 hours. This follows a large sell-off from Galaxy Digital, which deposited over 10,000 BTC—worth approximately $1.18 billion—onto major crypto exchanges. The transactions were reported by LookonChain, an on-chain analytics tracker.

According to LookonChain, Galaxy Digital transferred the BTC to Binance and OKX. The deposits occurred over a short time, placing downward pressure on Bitcoin’s price. Shortly after the deposits, Galaxy withdrew nearly $370 million in USDT from exchanges, which confirms that a substantial portion of the BTC had been sold.

This dump is Galaxy Digital’s largest sell-off in recent history. The firm had recently acquired approximately $2 billion in Bitcoin from a Satoshi-era whale address. That purchase had generated attention in the market, as it suggested long-dormant coins were moving for institutional purposes. The rapid flip from acquisition to liquidation has caught traders off guard.

Technical Data Suggests Further Bitcoin Weakness

The technological framework of Bitcoin is weak. The report according to CoinMarketCap indicated that, Bitcoin fell below its 7-day simple moving average of 118,257. It went below the Fibonacci retracement level of 23.6 percent at the price level of $118,859. These breakpoints automatically instigated sell orders in exchanges.

The recent bearish movement is also backed by the momentum indicators. The MACD histogram has weakened to -166, and this shows a slight loss of buying pressure. The RSI has still not yet entered the oversold area, but it has been reversed higher. Buyers are on the lookout for major support areas at the range of 116,241 and psychologically at 115,000.

Portfolio Rotation Toward Ethereum May Be Underway

Mike Novogratz, CEO of Galaxy Digital, recently praised Ethereum’s outlook during an appearance on CNBC. He noted Ethereum’s improved utility, increasing institutional inflows, and tightening supply. This aligns with Galaxy’s apparent pivot toward Ethereum-based systems, marking a broader portfolio rotation trend.

Novogratz also acknowledged Bitcoin’s resilience but said Ethereum may have better upside potential over time. These remarks were made amid Galaxy’s sell-off of Bitcoin, raising speculation that the firm is reallocating capital into ETH and other Layer-1 protocols.

Crypto Market Liquidations Cross $646 Million

The large BTC movement triggered widespread liquidations across the crypto market. According to data from Coinglass, more than $646 million was liquidated in the past 24 hours. Of this, approximately $152 million were Bitcoin long positions. This cascade followed Bitcoin’s break of technical support levels and the Galaxy Digital dump.

Bitcoin’s dominance also slipped by 3% as some traders moved to stablecoins or other altcoins. However, open interest in derivatives only declined by 14%, indicating that a portion of investors remain cautiously active in the market.