Bitcoin Holds Strong at $119K Despite Fresh $450M Galaxy Digital Outflows

Bitcoin Price Rebounds as Market Shrugs Off Galaxy Digital’s Latest BTC Transfers

Bitcoin showed remarkable resilience this week, recovering from a brief dip and trading back above $119,000—despite fresh outflows from Galaxy Digital that saw nearly 3,782 BTC (worth ~$450 million) moved to exchange-linked wallets.

BTC/USD one-hour chart. Source: /TradingView

According to Lookonchain and Arkham Intelligence, most of the transferred BTC appeared to be headed for trading platforms, raising questions about possible sell-offs. However, the market remained largely unaffected, signaling stronger sentiment and buyer confidence even in the face of potential distribution.

Galaxy Digital BTC wallet outflows. Source: Lookonchain/X

Related: U.S. Seeks Forfeiture of $2.4M in Bitcoin Seized from Chaos Ransomware Group

No Repeat of Last Week’s Panic

This week's wallet activity stands in stark contrast to last week’s 80,000 BTC transfer, which contributed to a sharp pullback toward $114,500—marking one of Bitcoin’s steepest drops in recent months. That event had spooked traders, especially since the coins had been idle for over 14 years.

Yet this time, Bitcoin bounced quickly from a Monday low near $117,000, fueled in part by the closure of the CME futures gap and renewed interest at key support levels.

CME Bitcoin futures one-hour chart. Source: Daan Crypto Trades/X

Are Traders Bracing for Another “Flash Sale”?

Analysts remain divided on Bitcoin’s short-term trajectory:

• Daan Crypto Trades pointed out that BTC has now closed its CME gap for the fifth consecutive week, calling it a possible “self-fulfilling prophecy” that traders are watching closely.

• Material Indicators flagged the 21-day simple moving average (SMA) at $117,480 as a key line in the sand. If that support fails, a quick drop—referred to as a “flash sale”—could follow.

• Trader Roman expressed caution, citing bearish divergences forming across key indicators. He outlined two potential outcomes:

• A pullback to $108,000, or

• A sideways range between $115K and $119K for price consolidation.

BTC/USD four-hour chart with 21-day SMA. Source: TradingView

Conclusion: Is Bitcoin Getting Immune to Whale Movements?

Bitcoin's steady recovery despite high-profile wallet movements suggests that market participants may be growing more resilient to whale activity and legacy fund selloffs. While short-term volatility remains possible, especially around monthly closes, current sentiment appears stronger and more confident than during similar events in the past.

Whether BTC can hold above the $117,000–$119,000 range or push higher toward a new breakout may depend on macro headlines, technical strength, and liquidity dynamics heading into August.

Related: 14-Year Bitcoin Whale Moves $4.7B After Galaxy Transfer