According to CryptoSlate’s data, the decline follows a recent peak of around $119,291 on July 24, wiping out close to $4,000 in value during the past day.
Meanwhile, the size and speed of the transfers have stirred concerns about further selloffs in the near term.
Commenting on the price movement, Valentin Fournier, lead research analyst at BRN, noted that this marks the second straight day of losses. He said the market is cooling off after an overheated stretch, with trading momentum weakening and new ETF inflows slowing down.
He added:
“We see this as a potentially healthy reset, especially after excessive long positioning has been flushed. We expect further weakness to possibly take Bitcoin down toward the $110,000 support zone over the next few sessions.”
Dean Chen, a crypto analyst at Bitunix, attributed the broader market’s pullback to profit-taking behavior after an extended rally. He emphasized that the move is likely a liquidity sweep aimed at overleveraged long positions.
He added:
“From a structural standpoint, prices remain well-supported above key levels, with no major breakdowns observed. This suggests we are still in a consolidation phase, rather than entering a full-fledged bear market, and could see renewed accumulation once the broader uncertainty clears.”
