Over the past month, Bitcoin whales have sold roughly 147,000 BTC, raising questions about whether the top cryptocurrency could test the $100,000 support level
Key Takeaways:
- Bitcoin whales reduced holdings by 147,000 BTC, a 2.7% decrease over one month.
- Sell-off followed Bitcoin’s August peak above $124,500.
- Technical indicators hint at a potential decline toward $100,000 if key support fails.
In the last month, entities holding 1,000 BTC or more offloaded roughly 147,000 BTC, which is currently valued around $16.5 billion, according to a Cointelegraph report. This marks one of the fastest reductions in whale holdings this cycle, with long-term holders (LTHs), those holding BTC for six to twelve months, driving the majority of transfers. Average transactions reached 8,500 BTC, signaling concentrated selling activity that has caught the eye of traders and analysts alike.
The number were referenced to an on-chain analysis of Julio Moreno posted in X (formerly Twitter), head of research at CryptoQuant, where he found that a net of 147,000 BTC was withdrawn from the total supply of whale holdings after a monthly analysis.
Technical Indicators Point to Possible $100K Test
Bitcoin's price structure shows early signs of weakness. Analysts note a bear flag pattern emerging on the charts, which could trigger a correction toward the $100,000 level if current support fails. The market is closely watching these technical signals, as they may determine whether Bitcoin enters a short-term bearish phase or maintains stability above $110,000.
Institutional Demand Counters Whale Selling
Despite whale sell-offs, institutional players are actively accumulating BTC. Big players like Metaplanet added 5,419 BTC, while Michael Saylor’s Strategy purchased an additional 850 BTC. These acquisitions exhibit continued institutional confidence in Bitcoin’s long-term potential and could partially offset downward pressure from whales.
Crypto investment company River emphasized on an X (formerly Twitter) post that companies surpasses ETFs when it comes to total Bitcoin holdings, especially as accumulation continues.
Bticoin ETFs Contribute to Market Liquidity
The growth of Bitcoin exchange-traded funds (ETFs) is providing additional support to the market. By allowing retail and institutional investors to gain exposure without directly holding BTC, these funds help stabilize liquidity and overall market activity. Still, the tug-of-war between whale selling and institutional buying will likely define Bitcoin's price trajectory in the coming weeks.
BTC Holds Near $113K as Technicals Stay Mixed
As of today (1:15PM UTC), Bitcoin (BTC) is trading around $113,087, exhibiting sideways movement and logging a modest gain of 0.1% over the past 24 hours.
From a technical perspective, the RSI sits around 59.4, suggesting the token is neither overbought nor oversold at current levels. MACD continues to show a positive bias, aligning with a mild buy signal, while the ADX hovers around 30, indicating that the ongoing trend retains measurable strength. Taken together, these indicators highlight a market that is holding firm near the $113,000 mark but remains highly sensitive to shifts in whale activity and institutional positioning.
Outlook
The latest whale sell-off has introduced near-term pressure on Bitcoin, with technical analysis suggesting a potential move toward $100,000. Continued institutional demand and growing ETF participation may stabilize the market, but all eyes remain on how these opposing forces influence price action.
Summary
Whales reduced holdings by ~147,000 BTC after August’s peak above $124.5K, stirring fears of a $100K test if supports give way. Still, institutions continue buying and ETFs add depth, creating a push-pull that keeps BTC near $113K while technicals stay mixed.
