Bitcoin whales have reportedly sold $12.7 billion worth of BTC in the past month, marking the largest sell-off since July 2022, according to analysts. This significant distribution of coins by major Bitcoin network players has intensified risk aversion among large investors, potentially pressuring Bitcoin’s price in the coming weeks.
CryptoQuant analyst “caueconomy” noted that whale reserves have decreased by over 100,000 Bitcoin in the last 30 days, pushing prices below $108,000. The 30-day change amounted to 114,920 BTC, valued at approximately $12.7 billion at current market prices as of Saturday.
The seven-day daily balance change peaked on September 3, with whales shifting over 95,000 BTC that week, reaching the highest level since March 2021. However, the selling pressure appears to have eased, with the weekly balance change dropping to around 38,000 BTC as of September 6. Consequently, Bitcoin has been trading in a tight range between $110,000 and $111,000 over the past three days.
CryptoQuant defines whales as accounts holding between 1,000 and 10,000 BTC. Bitcoin entrepreneur David Bailey suggested that if two key whales were to cease selling, prices could potentially surge to $150,000.
Despite the whale sell-offs, institutional accumulation of BTC during the same period has provided a structural counterbalance, according to Nick Ruck, director at LVRG Research. This suggests that while whale activity may limit near-term price momentum, the market’s resilience remains intact due to corporate buying and ETF-driven demand.
Ruck advises traders to monitor whether institutional dip-buying outweighs whale-driven pressure, noting that macroeconomic factors, such as the Federal Reserve’s September rate decision, could ultimately influence Bitcoin’s broader direction.
Zooming out, the longer-term picture presents a healthier outlook, with Bitcoin having corrected only 13% from its mid-August all-time high, a shallower pullback compared to previous cycles. Analyst “Dave the wave” observed that the one-year moving average has risen from $52,000 a year ago to $94,000 currently, and is projected to surpass $100,000 next month.
