$BTC

Significant selling pressures are behind the 3% decline in BTC in the last 24 hours. One of the biggest factors was the sale of 80,000 BTC (approximately $9 billion) through Galaxy Digital by a whale that has been inactive since 2011. Of these sales, 30,000 BTC were transferred to exchanges on August 1st alone. During the same period, approximately $115 million in Bitcoin ETFs were outflowed, and these funds were sold in the spot market. Furthermore, the 21,400 BTC sent to exchanges at a loss in the last 24 hours clearly demonstrates the emergence of panic selling. The explosion of $570 million in long positions, coupled with chain liquidations, further fueled the sell-off.

On the macro side, things are even more challenging. New Trump tariffs of 10-50%, which will take effect on August 7th and apply to more than 60 countries, have increased inflationary pressures. This has strengthened the dollar and triggered a flight from risky assets. Add to this the fact that July's employment figures fell short of expectations (73,000 vs. 147,000) and recession concerns mounted despite expectations of a Fed interest rate cut, creating a negative dynamic for Bitcoin from both a technical and fundamental perspective. In short, liquidity was tight, selling pressure increased, and the market lost confidence.