Bitcoin’s price is feeling the squeeze from big sellers in the market. Since August 21, large investors, often called “whales,” have dumped about 147,000 Bitcoin (BTC). Smaller investors, sometimes called “fish,” are also letting go of their holdings. This selling pressure makes it tough for Bitcoin to recover its value.
Analysts are tracking this trend closely. Data from CryptoQuant shows that these large entities have offloaded roughly 147,000 BTC net over the past five weeks. This amount is worth about $16.6 billion today. This kind of heavy selling is pushing Bitcoin’s price down, keeping it stuck around the $113,000 mark. Experts worry it could fall further, possibly hitting $100,000 if key support levels fail.
Big Players Have Sold 147,000 BTC Since August 21
Julio Moreno, head of research at CryptoQuant, recently flagged this situation on X. “One reason why Bitcoin prices have weakened. Whales are net selling: -147,000 Bitcoin since August 21,” he posted on Tuesday. He noted that the total balance of Bitcoin is shrinking at the fastest rate seen in this market cycle.
One reason why Bitcoin prices have weakened.
Whales are net selling:
🔸 -147K Bitcoin since August 21.
🔸Total balance declining at the fastest monthly rate of the cycle. pic.twitter.com/w7mTI37BF2— Julio Moreno (@jjcmoreno)
This massive sell-off means a 2.7% drop in the total Bitcoin holdings of whales. Whales are typically defined as entities holding at least 1,000 BTC. This selling aligns with the end of Bitcoin’s summer rally, which saw its price climb above $124,000 in August.
Another CryptoQuant analyst, Darkfost, dug deeper into where these sales are coming from. He explained that long-term holders (LTH) are still moving their coins, even if the pace has slowed a bit. He pointed out that younger LTHs, those holding Bitcoin for 6-12 months, are particularly active. Since early September, this group has made ten transfers, each moving between 8,000 and 9,000 BTC. Taking an average of 8,500 BTC per move at a $115,000 price, this adds up to about $10 billion in selling pressure on the market. Darkfost sees a direct link between this activity and Bitcoin’s price action, especially since altcoins haven’t fully broken away from Bitcoin’s influence.
It’s Not Just Whales – Smaller Investors Are Selling Too
Data from Glassnode, highlighted by CoinDesk, backs up this idea and paints an even more concerning picture. It shows that selling pressure isn’t just coming from whales. It’s happening across all wallet sizes, from small “fish” holding less than 1 BTC to the largest whales with over 10,000 BTC. This excludes exchanges and miners.
Using the “Accumulation Trend Score,” which measures how much different groups are buying, all types of holders are in a “distribution” phase. This means they are selling more than they are buying. The report noted that the biggest whales, those with over 10,000 BTC, are showing some of the most aggressive selling seen in the past year. Long-term holdings are also shrinking.
The amount of Bitcoin that hasn’t moved in over a year has dropped from 70% to 60% of the total circulating supply. This figure peaked in November 2023 when Bitcoin was trading around $40,000. Holders who’ve kept their Bitcoin for over two years have seen their share fall from 57% to 52%. Those holding for more than three years are just above 43%, a steady decline since November 2023. However, investors who’ve held for five years or more are holding steady, not taking part in the current sell-off.
From a technical standpoint, Cointelegraph warns of a “bearish flag” pattern on Bitcoin’s daily chart. This pattern was confirmed when the price fell below $116,000 last Sunday. Bitcoin has lost key support levels, including its 50-day simple moving average at $114,300 and its 100-day simple moving average at $113,400. This loss of support adds to the selling pressure. The Relative Strength Index (RSI), a tool to measure price momentum, dropped from 61 to 44 in the last week. This signals growing bearish momentum. If the daily price closes below the $112,000 to $110,000 support area, prices could drop further. The technical target for this downside move points to $100,000, which would be an 11% fall from current levels.
Bitcoin At $113,000, Still Faces Risk of More Drops
Despite these market challenges, there are some balancing forces at play. The volume of Bitcoin whales have transferred to exchanges has been low since late August. This suggests some coins are heading elsewhere, perhaps to corporate treasuries. Companies like Metaplanet in Japan and MicroStrategy have ramped up their Bitcoin purchases this year. MicroStrategy, for example, added 850 BTC for almost $100 million just last week, bringing its total holdings to 639,835 BTC.
The team at investment firm River expects that both exchange-traded funds (ETFs) and corporations will “continue to accelerate their accumulation.” They noted that companies with Bitcoin on their balance sheets now hold more coins than ETFs do. This creates a “structural floor” that helps soak up some of the profit-taking from other investors.
As of this writing, Bitcoin is trading around $113,000. Its price has barely changed in the last 24 hours but is down 2.7% over the week, according to CoinGecko. While gold and US stocks are hitting near-historic highs, the leading cryptocurrency is taking a forced breather. Investors are watching closely to see if this broad selling marks the end of Bitcoin’s upward trend or just a temporary pause.