Market makers put pressure on BTC, selling whale holdings for profit-taking

Market makers were one of the most influential wallets in the past day, adding to the pressure on the price of BTC. While whales generally hold onto their BTC, market makers posted multiple transactions big enough to sway the price. 

BTC declined to a two-week low, recently dipping as low as $115,000. The leading coin took a step back based on long liquidations. However, the spot market also played a significant role, as market makers emptied some of their reserves on the market. 

Spot markets had to absorb additional inflows from Galaxy Digital, with smaller inflows from Jump Crypto. Wintermute also activated its wallets after receiving inflows from Binance. 

The activities of the market makers had wider repercussions, as they triggered some of the recent liquidations. Demand and holding for BTC remained strong, as ETFs and treasuries keep buying. However, the directed, short-term selling of market makers is still a factor for fluctuations of a few thousand dollars. 

Galaxy Digital leads the selling trend

The past day has seen significant outflows from Galaxy Digital’s reserves, reaching exchanges for direct sales. On-chain data shows the crypto custodial service and market maker moved a total of 30,000 BTC, with most sent to exchange hot wallets. 

The markets had to absorb up to $3.5B in new BTC inflows. Galaxy Digital now stores $1.15B in stablecoins. 

Update:#GalaxyDigital has transferred nearly 30,000 $BTC($3.5B) out today, most of which went directly to exchanges and were sold.

Then #GalaxyDigital withdrew 1.15B $USDT from exchanges.#GalaxyDigital still holds 18,504 $BTC($2.14B).https://t.co/bVtNwP2iXI pic.twitter.com/Wv1cD3aHbf

— Lookonchain (@lookonchain) July 25, 2025

Galaxy Digital was also the recipient of funds from one of the recent high-profile whales. The early buyer moved 80,000 BTC, some acquired at under $1.

After moving the coins to new addresses, the whale deposited all the funds to Galaxy Digital. On-chain investigators noted that the market maker managed to place up to 70,000 BTC on exchanges, with 10K remaining as part of the remaining balance on Galaxy Digital. 

Galaxy Digital placed some of the BTC through BitStamp, an exchange widely used during previous bull cycles. 

Market makers cut their BTC reserves

Other market makers also saw outflows of their BTC reserves. Jump Crypto sold hundreds of BTC in the past days, and is down from 1.3K BTC to 894 BTC. 

Cumberland also continued to send BTC to multiple exchanges, especially Gemini. The market maker is down to 62 BTC in one of its hot wallets. 

One of the most influential market makers is still Wintermute. Previously its founder Evgeny Gaevoy stated the marker maker ran out of BTC on its OTC market. However, Wintermute never goes without the BTC it needs for market making activities. 

According to the Arkham Intelligence on-chain data, Wintermute kept receiving BTC from Binance in the past 24 hours. The coins may be used for spot activities, as most traders have noted Wintermute’s effect on BTC rallies. Previous critics have noted Wintermute has used its reserves to force liquidations and market capitulation, allowing whales to buy lower. 

Other BTC holders also continue sending coins to markets. In the past day, 91,119 BTC may have entered the market, originating from unidentified whales, BTC custodians, exchanges, and other holders.