Bitcoin’s price has been pretty stable lately, hanging around $117,000 to $120,000 after hitting a record high of about $123,000. But things took a turn on Friday, July 25th, with the price dropping to just above $115,000. So what caused this mini-crash?
A Big Bitcoin Sell-Off
New data shows a massive amount of Bitcoin – around 40,000 BTC – flowed into centralized exchanges on that Friday. This is a significant amount, and it suggests some big players were cashing out. One analyst, Caueconomy, pointed out that this influx is likely due to profit-taking by large investors. They also noted that over-the-counter (OTC) trading desks were actively selling on these exchanges.
This isn’t surprising. Exchanges are where people buy and sell crypto, so a large influx of Bitcoin usually means increased selling pressure.
The Bigger Picture
While this sell-off caused a dip, Caueconomy notes that Bitcoin is still doing relatively well, trading well above $110,000. This suggests that overall, there’s still more buying interest than selling.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $117,346, down slightly over the past 24 hours and about 1% over the past week.