Billions of dollars worth of Bitcoin sold on exchanges as liquidations exceed $500 million

Analysts warn whales are moving large amounts of Bitcoin onto exchanges.

Galaxy Digital is said to have transferred $3.7 billion in BTC, contributing to a total of 35,568 BTC listed in 10 hours, of which 26,100 BTC came from short-term investors selling at a loss.

However, Galaxy may just be transferring BTC on behalf of customers, not necessarily selling.

Maartunn warns that BTC selling pressure is increasing, causing serious impacts. Open interest increased by $3.8 billion, indicating unstable market sentiment. BTC fell to $115,000 before recovering slightly to $116,365.

In the past 24 hours, BTC trading volume spiked 37% to $131.6 billion.

Analyst Valentin Fournier said more than $531 million in options were liquidated in the past 24 hours, mostly long positions ($376 million).

The sell-off helps “reset” the market, creating a healthier foundation. Currently, short volume exceeds $2.8 billion, posing a potential short squeeze risk if BTC recovers.

Still, the selling pressure is not enough to cause panic among investors.

Bitcoin is mostly flat for the week, although a mid-week sell-off has curbed the gains of altcoins like XRP and Solana.

However, according to Farside Investors , institutional money has reversed course with $226 million pouring into Bitcoin ETFs on Thursday.

Read more: Author of “Rich Dad Poor Dad” frankly: Don't believe in ETF, only Bitcoin is real!