Analysts point out that Bitcoin whales have cumulatively sold up to $12.7 billion worth of Bitcoin (BTC) in the past month, and the ongoing sell-off may continue to put pressure on prices in the coming weeks.
CryptoQuant analyst "caueconomy" stated on Friday: "The trend of major participants in the Bitcoin (BTC) network reducing their holdings has intensified, reaching the largest sell-off volume this year."
He added that in the past 30 days, whale reserves have decreased by over 100,000 Bitcoin (BTC), reflecting a risk-averse sentiment among large investors.
According to CryptoQuant data, this ultimately pushed the price down to below $108,000. This is the largest scale of whale sell-off since July 2022, with a reduction of 114,920 Bitcoin (BTC) over 30 days, amounting to approximately $12.7 billion at Saturday's current market price.
He stated: "Currently, we still see these major participants continuously reducing their positions, which may continue to exert pressure on Bitcoin (BTC) in the coming weeks."
On September 3, the seven-day daily balance change reached its highest level since March 2021, with whales transferring over 95,000 Bitcoin (BTC) that week.
Last week, Bitcoin (BTC) entrepreneur David Bailey mentioned that if two key whales stop selling, the price could potentially soar to $150,000.
It is worth noting that aggressive selling seems to have slowed down, with the weekly balance change dropping to about 38,000 Bitcoin (BTC) as of September 6.
Meanwhile, in the past three days, Bitcoin (BTC) has fluctuated within a narrow range of $110,000 to $111,000, with selling pressure easing.
CryptoQuant defines whales as groups holding between 1,000 to 10,000 Bitcoin (BTC).
Nick Ruck, director of LVRG Research, told Cointelegraph: "While recent whale sell-offs have triggered short-term volatility and liquidations, institutional accumulation of Bitcoin (BTC) during the same period has provided structural hedging for the market."
He added that this divergence indicates that whale activity may limit short-term price momentum, but institutional buying and ETF-driven demand still provide inherent resilience to the market.
In the long term, the overall performance of Bitcoin (BTC) is healthier, having only retraced 13% since reaching an all-time high in mid-August, which is significantly lower than previous pullback levels.
Analyst "Dave the wave" pointed out on Sunday: "A year ago, the 1-year moving average was $52,000, and it has now risen to $94,000. It is expected to break $100,000 next month."
Related: Due to regulatory concerns, Ordinals developers propose forking Bitcoin Core.
Original article: “Bitcoin whales dump 115,000 BTC in largest sell-off since mid-2022”
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