Bitcoin Drops to $117K, Pulling Down XRP, Dogecoin, and Ethereum

Bitcoin Falls Below $117,000, Dragging Down Major Cryptocurrencies

Cryptocurrency markets experienced significant volatility on Wednesday, July 15, 2025, as Bitcoin (BTC) declined sharply, falling below the $117,000 mark. This drop erased gains from its recent record high of $123,000. At the latest check, Bitcoin was trading near $117,550, down approximately 5% from its peak earlier in the week. The sell-off was driven by investors seeking to lock in profits following the historic rally.

The downturn in Bitcoin’s price reverberated across the broader crypto sector. Ethereum (ETH) slipped below the $3,000 threshold, while XRP declined 5%, falling from $3.02 to $2.78. Dogecoin suffered the steepest losses among major tokens, plunging 8%. This correction followed one of the largest profit-taking episodes of the year, with investors realizing $3.5 billion in gains over the preceding 24 hours. The surge in selling activity has intensified market volatility and raised questions about the durability of recent price advances.

Bitcoin’s Retreat Driven by Whale Activity and Technical Factors

Bitcoin’s rapid ascent from $108,000 to $123,000 earlier in the week created a notable supply gap between $110,000 and $116,000, leaving the market vulnerable to sharp price swings. Data from Glassnode indicates that long-term holders—those who have held Bitcoin for more than 155 days—accounted for 56% of the profit-taking, realizing $1.96 billion in gains. The absence of strong support within the $110,000 to $116,000 range has contributed to the current instability.

Whale activity has intensified, particularly on Binance, where large holders deposited approximately 1,800 BTC on Monday. Transactions exceeding $1 million represented over 35% of total Bitcoin inflows to the exchange, signaling concentrated selling pressure from major investors. CryptoQuant analyst Crazzyblockk observed that this increase in deposits suggests that large-scale investors are either securing profits following the surge to $122,000 or taking advantage of Binance’s deep liquidity.

Paul Howard of Wincent remarked, “Following any 2 to 3 standard deviation price move as seen over the weekend, we can almost guarantee mean reversion. The short liquidations caused by ETF inflows spiked the price, and we may now see profit-taking that moves Bitcoin back to a $110,000–$115,000 range.”

Broader Market Impact and Future Prospects

Bitcoin’s decline has precipitated notable losses in Ethereum, XRP, and Dogecoin. Although Ethereum has shown tentative signs of a potential bullish rally after reclaiming $2,600, it remains under pressure, with its price largely stagnant despite a $153 million inflow. Market participants are closely monitoring key support levels for Ethereum, particularly at $2,111.

XRP faces a bearish outlook after triggering a technical signal in July that has historically preceded average declines of 25%. This pattern suggests a possible drop toward $0.60 if selling pressure continues. Dogecoin’s 8% decline marks it as the worst performer among major cryptocurrencies during this correction.

Market analysts caution that if Bitcoin fails to regain momentum above $104,000, critical support levels could be breached, potentially leading to a further decline toward $82,000. Attention is also focused on other major tokens such as Solana (SOL) and HYPE, with SOL’s support level closely watched at $110.

As Bitcoin trades below the psychologically significant $100,000 threshold, investors remain cautious, vigilantly observing for signs of stabilization or further downside risks across the broader cryptocurrency market.