Bitcoin whales have sold over $12.7 billion worth of Bitcoin during the past month. This is the largest coin distribution since July 2022.
According to CryptoQuant, more than 114,920 BTC left whale wallets in the last 30 days. This action can affect the whole market.
“The trend of reducing exposure by major Bitcoin network players continues to intensify, reaching the largest coin distribution this year.” CryptoQuant analyst “caueconomy” said Friday.
The analyst added that whale reserves dropped by more than 100,000 Bitcoin in the last 30 days. This huge sell-off has pulled Bitcoin prices below $108,000 as it creates short term pressure on the market.
On September 3, whales moved over 95,000 Bitcoin in a single week, which was the highest seven-day change since March 2021.
By Sept. 6, whale selling slowed slightly, with the weekly balance change dropping to about 38,000 BTC. This showed that selling had calmed down slightly, though analysts said continued reductions by whales could still affect prices in the coming weeks.
Bitcoin entrepreneur David Bailey said last week that prices could rise as high as $150,000 if two major whales stopped selling. His comment suggested that fewer sales from key holders might ease the pressure and open the door for a price surge.
At the same time, some institutions have been buying more Bitcoin. Nick Ruck, director at LVRG Research said “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.”
He said this shows that while whales may slow short-term growth, demand from companies and Bitcoin exchange-traded funds is keeping the market strong.
Ruck explained this divergence means whales may slow short-term growth, but corporate buying and ETF-driven demand keep the market stable.
“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.” He added,
Looking at the bigger picture, Bitcoin is still healthier compared to past years. Analyst “Dave the wave” noted, “A year ago today, the one-year moving average sat at $52,000, and it now sits at $94,000.” He added that the moving average is expected to pass $100,000 next month, showing longer-term growth despite the recent whale sell-offs.
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