On July 3rd, the whale in question moved 80,009 BTC from 8 wallets to new addresses, which dates back to the years 2009-2010. The entire massive balance was sent to Galaxy Digital in two separate transfers: 40,000 BTC on July 15th and another 40,000 BTC on July 17th. Thus, Bitcoin worth $9.68 billion began to be sold through Galaxy Digital.

Bitcoin
Price drop, panic in the market
Due to heavy selling, Bitcoin fell from $118,500 to $114,732. In the morning hours, with purchases coming from the lowest level of the last two weeks, Bitcoin partially recovered and rose to around $116,500. The price drop was not limited to Bitcoin; XRP tested the $3 support, while Solana and Dogecoin lost nearly 3% in value.
Liquidations increased, leveraged trades are at a loss.
The effects of the liquidity crisis were also felt in the derivatives markets. Over the last 24 hours, leveraged positions worth over 530 million dollars were liquidated. Of these, 377 million dollars were from long positions. Bitcoin and Ethereum were the assets that incurred the most losses, with liquidations of 160 million dollars and 130 million dollars, respectively. In Solana, 43.88 million dollars and in XRP, positions worth 22.4 million dollars were wiped out.
Developments indicate that sales and price declines may continue in the coming days, while market participants are acting cautiously.