Bitcoin whales dump 115,000 BTC in biggest sell-off since mid-2022

Bitcoin whales have sold a whopping $12.7 billion in Bitcoin over the past month, and continued sales could further pressure its price for the next few weeks, according to analysts.

“The trend of reducing exposure by major Bitcoin network players continues to intensify, reaching the largest coin distribution this year,” observed CryptoQuant analyst ‘caueconomy’ on Friday.

They added that in the last thirty days, whale reserves have fallen by more than 100,000 Bitcoin (BTC), “signaling intense risk aversion among large investors.”

This selling pressure has been “penalizing the price structure in the short term,” ultimately pushing prices below $108,000. According to CryptoQuant data, it has been the largest whale sell-off since July 2022, with a 30-day change of 114,920 BTC worth around $12.7 billion at current market prices as of Saturday.

“At this time, we are still seeing these reductions in the portfolios of major players, which may continue to pressure Bitcoin in the coming weeks.”

Bitcoin whales have been offloading. Source: CryptoQuant

Whale balance change slows down

The seven-day daily change balance reached its highest level since March 2021 on Sept. 3, with more than 95,000 BTC being shifted by whales for that week.

Last week, Bitcoin entrepreneur David Bailey said prices could surge to $150,000 if two key whales stop selling.

Related: Bitcoin will soar to $150K if we slay these 2 whales: David Bailey

The good news is that the aggressive selling appears to have slowed, with the weekly balance change dropping to around 38,000 BTC as of Sept. 6.

Meanwhile, the asset has been trading in a tight range-bound channel between $110,000 and $111,000 over the past three days as the selling pressure abated slightly.

CryptoQuant defines whales as a cohort holding a balance between 1,000 and 10,000 BTC.

A structural counterbalance

“While recent whale sell-offs have triggered short-term volatility and liquidations, institutional accumulation adding more BTC during the same period has provided a structural counterbalance,” Nick Ruck, director at LVRG Research, told Cointelegraph.

He added that this divergence suggests whale activity may cap near-term price momentum, but the market’s underlying resilience remains intact due to corporate buying and ETF-driven demand.

“Traders should monitor whether institutional dip-buying outweighs whale-driven pressure, though macroeconomic catalysts like the Fed’s September rate decision could ultimately dictate broader direction.”

Zooming out looks healthier

The longer-term picture also looks much healthier, and Bitcoin has only corrected 13% from its mid-August all-time high, which is much shallower than previous pullbacks.

“A year ago today, the one-year moving average sat at $52,000, and it now sits at $94,000, observed analyst “Dave the wave” on Sunday. “Next month, it will be through $100,000,” he added.

BTC 1-year SMA steadily increases. Source: Dave the wave

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