Bitcoin has come under renewed pressure in July, slipping back to the $115,000 range after peaking near recent highs. The drop comes amid a major sell-off linked to Galaxy Digital, as well as unusual activity from long-dormant Bitcoin wallets, some untouched for over a decade. While the fundamentals for Bitcoin remain strong, the sudden reactivation of old supply has shaken market confidence and introduced short-term uncertainty.

Galaxy Digital Sparks Market Jitters

One of the major triggers for Bitcoin’s recent slide is linked to Galaxy Digital, a crypto financial firm led by Mike Novogratz. Over a multi-day period, the company offloaded significant Bitcoin holdings, resulting in visible market impact.

Source: Lookonchain

According to blockchain analytics platform Lookonchain, Galaxy Digital deposited 2,850 BTC (worth around $330 million) to exchanges early on Friday alone. In total, more than 12,800 BTC (valued at $1.5 billion) was moved to exchanges within just 24 hours. This activity originated from a well-known Bitcoin whale address, which held 80,009 BTC, worth about $9.6 billion prior to the sell-off.

Source: Lookonchain

Transfers from this legendary wallet began on July 15 and were completed by July 18. On one of those days, more than 40,000 BTC was moved in a single transaction, shaking trader confidence and causing Bitcoin prices to dip further.

Although this heavy sell pressure initially caused sharp market reactions, some analysts believe the worst of the selling may now be over. Market watchers are now closely monitoring whether the market can stabilise or if more downside remains.

Dormant Bitcoin Wallets Wake After Years

In addition to Galaxy Digital’s moves, July has seen a wave of activity from Bitcoin wallets that have been inactive for year, even over a decade. This rare phenomenon has raised fears of further large sell-offs.

One standout case involves three wallets likely linked to the same owner, which moved a combined 10,606 BTC (worth around $1.26 billion). These wallets originally received their Bitcoin in December 2020, when BTC was priced at $18,803. At current prices, that’s a 6.3x gain, fuelling speculation that these holders may be preparing to take profits.

Source: Lookonchain

In another extraordinary case, a wallet that had been dormant for 14.5 years suddenly transferred 3,962 BTC (worth $468 million) this week. That wallet received its Bitcoin in January 2011, when the price was just $0.37 per coin making it one of the oldest reactivations ever recorded.

Source: Lookonchain

Earlier in July, yet another whale wallet moved 6,000 BTC ($649 million) after lying idle for six years. These moves suggest that long-term holders may be repositioning their assets, possibly anticipating further volatility or seeking to capitalise on high valuations.

Market Sentiment Turns Cautious

With Galaxy Digital’s offloading and dormant wallets stirring, trader sentiment has grown more cautious. Community discussions on X (formerly Twitter) are filled with speculation, particularly around the idea that Satoshi-era wallets (early Bitcoin adopters) may be preparing to sell during the next market rally.

Although the overall health of the Bitcoin network remains strong with mining activity, hash rate, and institutional interest all stable, the market appears to be entering a short-term phase of consolidation. Many traders are now focused on monitoring volatility, watching closely to determine whether selling pressure is finally easing.

Altcoin Season on the Horizon?

While Bitcoin struggles to regain momentum, altcoin traders are showing early signs of rotating capital into smaller cryptocurrencies. This shift is supported by a decline in Bitcoin’s dominance, which measures BTC’s share of the overall crypto market. The dominance metric fell from 64% to 60% between July 17 and July 21 before making a slight recovery to 61.55% by Friday.

Bitcoin Dominance. Source: TradingView

A declining dominance is one of the earliest indicators of an approaching altcoin season, where capital flows into altcoins, leading to faster gains in smaller assets. The Altcoin Season Index currently sits at 43, indicating that the crypto market is not yet in a full altseason. However, the rising trend suggests momentum may be building.

Altcoin Season Index. Source: Blockchain Center

Investors and analysts alike will be watching closely in the coming days to see if this trend continues. If Bitcoin stabilises and altcoins maintain their momentum, July’s volatility could mark the beginning of a broader shift in crypto market dynamics.

Bitcoin’s recent price action has marked a new milestone in its history. According to the latest on-chain data from analytics firm Glassnode, the average cost basis for short-term Bitcoin holders (STHs) has now crossed the $100,000 mark for the first time ever. This means that on average, those who bought BTC in the past six months paid over $100,000 per coin, a significant psychological and technical level in the market.

Bitcoin cost basis data (screenshot). Source: Glassnode

Short-term holders are typically more sensitive to price changes and tend to react quickly to market volatility. Their cost basis, also called the “realised price,” often acts as a support level in bullish trends. Now that it stands at $100,000, this level could become a strong floor if Bitcoin faces a deeper pullback in the future.

$3.5 Billion in Profits Taken in One Day

Glassnode also reported a surge in profit-taking, with long-term and short-term holders collectively realising around $3.5 billion in profits within a single 24-hour period. This marks one of the largest daily profit events for Bitcoin in 2025 so far.

While both STHs and long-term holders (LTHs) participated, the majority of realised gains came from LTHs, those who have held their BTC for over six months. This is a sign that even seasoned investors couldn’t resist the temptation to lock in gains after Bitcoin’s recent rally to all-time highs.

BTC realized profit data. Source: Glassnode/X

The activity suggests that while belief in Bitcoin remains strong, many investors are capitalising on high valuations, possibly expecting a correction or wanting to rebalance their portfolios.

Profit-Taking Signals Possible Correction Ahead

Glassnode’s Market Pulse report warned that the recent wave of profits may increase the chances of a market pullback. Nearly 99% of the total circulating Bitcoin supply is currently in profit, suggesting a state of “elevated euphoria” among investors. Historically, such conditions often precede market corrections, as more participants are incentivised to sell.

While short-term holder activity is rising slightly, the overall market structure remains stable, with long-term holders still dominating the supply. This provides some reassurance that any dip may be short-lived, especially with strong support building around $100,000.

Whale Movements Add to Selling Pressure

Large Bitcoin holders, often referred to as “whales,” have also joined the trend. One particularly notable move came from a wallet holding 80,000 BTC, which had been inactive for over a decade. This wallet suddenly came to life, with 40,000 BTC transferred to Galaxy Digital, a well-known crypto exchange.

Such large-scale activity typically points to a possible intention to sell, adding further pressure to the market during high-profit windows. While these movements don’t always result in immediate sell-offs, they are closely watched by analysts as potential warning signs of increased market supply.

Bitcoin’s $100,000 cost basis for short-term holders marks a historic development, reinforcing this level as crucial support moving forward. However, with profit-taking activity surging and whale wallets reactivating after years, investors should remain cautious. While the long-term trend remains bullish, the combination of near-universal profits and growing selling pressure suggests that a temporary pullback could be on the horizon.

Japanese energy and fintech firm Remixpoint has announced a major pivot toward Bitcoin, raising ¥31.5 billion (approximately $215 million) to acquire up to 3,000 BTC. The Tokyo-listed company is the latest in Japan to restructure its corporate strategy around Bitcoin as a long-term treasury asset, following the path set by industry trailblazer Metaplanet.

With Japan’s yen remaining weak, interest rates hovering near zero, and the regulatory environment warming to crypto, listed companies are beginning to embrace Bitcoin as a hedge against fiat devaluation and as a tool for financial innovation.

Corporate Treasury Strategy Goes Digital

Remixpoint’s BTC acquisition plan isn’t just a diversification play, it’s part of a broader strategic shift. The company described its Bitcoin purchase as a result of “in-depth internal debate,” aimed at boosting long-term corporate value while carefully managing risk.

This isn’t just rhetoric. Remixpoint plans to make Bitcoin a central pillar of its corporate treasury strategy, with its leadership personally invested in this direction. Notably, President and CEO Yoshihiko Takahashi will receive his entire salary in Bitcoin.

The firm said this move helps align executive incentives with shareholder interests, especially as the company’s stock increasingly mirrors Bitcoin’s price movements. By placing Bitcoin at the heart of its financial planning, Remixpoint signals confidence in crypto’s future and the evolving macroeconomic landscape.

Following Metaplanet’s Lead: A Proven Playbook

Remixpoint’s strategy closely mirrors that of Metaplanet, a company that successfully transformed from a struggling hospitality firm into one of Japan’s most-watched Bitcoin-holding companies. Since adopting a Bitcoin-centric treasury model in mid-2023, Metaplanet’s stock has soared over 500%, capturing retail and institutional investor attention.

Metaplanet’s goal is to amass 210,000 BTC by 2027, effectively positioning itself as Japan’s closest equivalent to a spot Bitcoin ETF. Its transformation has inspired confidence in the viability of Bitcoin as a treasury reserve asset, especially in Japan’s uniquely deflationary and low-yield environment.

Remixpoint appears to be taking notes, aiming not only for a significant BTC treasury but also for a deeper integration of Bitcoin into its executive compensation and corporate ethos.

Growing Trend Among Japanese Firms

Remixpoint is not alone. Japan is witnessing a growing trend of listed firms exploring or adopting Bitcoin on their balance sheets. Game developer Gumi Inc. recently allocated $6.3 million into Bitcoin, aiming to convert portions of its gaming revenue into long-term digital assets.

Fashion retailer ANAP Holdings began with a modest 50.6 BTC purchase but has already announced plans to increase that to over 1,000 BTC by August. These moves indicate growing confidence among Japanese corporates that Bitcoin can act as a robust store of value, even in traditionally conservative financial circles.

Moreover, Japan’s regulatory climate, while stringent, has become more transparent and supportive in recent years. This has allowed public companies to explore Bitcoin-based strategies with clearer legal frameworks and investor communication standards.

Bitcoin as a Corporate Asset Class

The rise of Remixpoint, Metaplanet, and other Japanese firms embracing Bitcoin could mark a shift in how corporations globally approach digital assets. While the US has seen large players like MicroStrategy champion BTC reserves, Japan’s movement is significant given its unique monetary conditions and cautious corporate culture.

As more companies align executive compensation and treasury policies with Bitcoin, we may witness a broader institutional shift toward decentralised assets. For Remixpoint, this is more than a speculative investment, it’s a foundational pivot designed to prepare the company for a digital-first financial future.

Bitcoin is once again at the centre of attention, and this time, the reason is a record-breaking weakness in the US Dollar. As the Dollar Index (DXY) drops to levels not seen in over two decades, analysts are pointing to highly favourable conditions for Bitcoin and other risk assets. Onchain data and macroeconomic indicators suggest that BTC could be gearing up for a strong upward move.

US Dollar Index (DXY) Hits 21-Year Weakness

In early July, the US Dollar Index (DXY) dropped to 96.377, a level last seen more than three years ago, and currently sits over 10% lower year-to-date. Even more striking is that DXY is now 6.5 points below its 200-day moving average (MA), the largest deviation in 21 years.

US Dollar Index (DXY) 1-week chart with 200-day MA. Source: TradingView

According to CryptoQuant, a well-known onchain analytics platform, this is a rare and significant moment. Contributor Darkfost highlighted that while this may seem alarming, it’s historically been very bullish for Bitcoin and other risk assets.

The dollar’s drop coincides with the US national debt reaching all-time highs and new trade tariffs, both of which are weakening the greenback’s position globally.

Bitcoin and the Inverse Dollar Correlation

Bitcoin has a long-standing inverse correlation with the US Dollar Index. This means that when the dollar weakens, Bitcoin often strengthens and vice versa. Although this relationship has had exceptions, the broader trend still holds weight.

US Dollar Index (DXY) vs. BTC/USD (screenshot). Source: CryptoQuant

CryptoQuant’s recent data shows that Bitcoin typically performs well when the DXY trades below its 365-day moving average. We’re currently in one of those phases, and historically, that has been a setup for strong BTC rallies.

“As the dollar weakens and loses its safe-haven appeal, investors reassess their portfolios and shift capital toward alternative asset classes,” said Darkfost.

This shift is not just technical but also psychological. As confidence in fiat currencies declines, crypto assets like Bitcoin gain more appeal.

US Debt and Tariffs Add More Pressure

The current economic backdrop in the US is adding further weight to the dollar’s decline. Trade tariffs have been ramped up, weakening international demand for the dollar. At the same time, US debt continues to climb, fuelling concerns about the long-term value of the currency.

Economist Lyn Alden weighed in on the situation, stating that the only time holding dollars makes sense is when it is extremely strong. With current policy trends indicating more debt and higher credit levels, that strength looks unsustainable in the long run.

“If total credit and dollars in the system keep increasing over the next five, seven, ten years, that’s one of the macro factors that makes Bitcoin useful to own,” said Alden.

What This Means for Bitcoin Investors

Despite the perfect storm forming in Bitcoin’s favour, the price hasn’t reacted sharply. That may present a golden opportunity for long-term investors. If history repeats itself, a weak DXY typically triggers a strong BTC uptrend within weeks or months.

It’s also worth noting that Bitcoin has become increasingly mainstream, with growing institutional interest. So, any major price action could be amplified by faster adoption and bigger capital inflows.

For crypto investors, the current DXY weakness could be the cue they’ve been waiting for. If you’re holding or considering buying Bitcoin, the macro backdrop is starting to align in your favour.

Bitcoin’s price trajectory may be preparing for a significant breakout, as long-term holders (LTHs) now possess over 80% of the total circulating supply, a milestone that historically precedes major rallies. According to on-chain data and insights from analyst CrediBULL Crypto, this pattern has only occurred twice before, and each time led to gains of 72% and 84%.

LTHs, defined as wallets holding BTC for at least 155 days, have steadily increased their share of the total supply. As of June 5, these investors held a record 14.7 million BTC, worth roughly $1.6 trillion. This increasing concentration of Bitcoin in the hands of ‘diamond hands’ drastically reduces liquid supply, creating conditions ripe for a supply shock.

Historical Fractals Hint at $150K Bitcoin

The current setup echoes past fractals that preceded explosive moves higher. In both February and October 2024, when LTH supply crossed the 80% threshold, Bitcoin surged by 72% and 84% respectively. Analysts believe that history may soon repeat or even exceed expectations.

BTC: LTH supply. Source: Bitcoin Magazine

CrediBULL Crypto stated on X:

“Over 80% of all the Bitcoin that will ever exist is currently being HODL’d. With this level of supply lock-up, the next impulse is imminent. This one could be bigger than the last, potentially taking BTC above $150,000.”

The implication is clear: once excess supply is absorbed by long-term holders, any incremental demand whether retail or institutional is met with limited available BTC, leading to sharper price increases.

Options Market Eyes $130K Bitcoin by September

Crypto derivatives traders are also bracing for a potential breakout. Activity on Deribit, the leading crypto options exchange, shows a surge in open interest around September $130,000 call options, a bet that Bitcoin could reach or exceed that level in the coming months.

BTC: Total supply held by LTH. Source: Glassnode

QCP Capital, a Singapore-based digital asset trading firm, commented in a July 7 investor note:

“Vols remain pinned near historical lows, but a decisive breach of the $110,000 resistance could spark a renewed volatility bid.”

The firm noted increased positioning in September $115,000–$140,000 call spreads, reflecting strong bullish sentiment for Q3. This implies that sophisticated market participants are preparing for a rapid and extended move upwards, should BTC break past the $110,000 barrier.

Liquidity Clusters Point to Breakout Zones

Supporting this view, data from CoinGlass reveals major liquidity pools in the $110,000–$130,000 range, with notable ask orders clustered between $122,000 and $130,000. These levels are expected to act as key battlegrounds once Bitcoin enters price discovery mode.

BTC/USDT three-day liquidation heatmap. Source: CoinGlass

With minimal sell pressure below these zones and strong options positioning, a breakout could trigger cascading buy orders and liquidations of short positions.

Illiquid Supply Meets Institutional Demand

As long-term holders tighten their grip on Bitcoin’s circulating supply, and institutional players continue steady accumulation, the likelihood of a major bullish impulse increases. The current macro setup, a combination of illiquidity, historical fractals, and speculative bets, paints a compelling picture for Bitcoin’s next leg.

If momentum builds and BTC decisively clears $110,000, market participants may soon witness a fresh all-time high and a sprint toward the much-anticipated $130,000–$150,000 range.