TL;DR
- Over 30,000 Bitcoin, valued at more than $3.4 billion, have been sold by whale wallets in less than a week, pressuring the market.
- Bitcoin is holding slightly above $115,000, but analysts warn that losing this level could send prices toward $112,500 or lower.
- Despite selling from both whales and ETF issuers, some large holders continue accumulating, creating a mixed outlook of short-term weakness but long-term confidence.
Bitcoin has faced renewed selling pressure as whale wallets holding between 10,000 and 100,000 BTC liquidated more than 30,000 coins over the last six days. Data from CryptoQuant shows the sales totaled roughly $3.45 billion, causing the asset to slip sharply toward crucial support levels. At the time of writing, Bitcoin trades at $115,553, up 0.45% on the day but still 2.5% lower on the weekly chart, reflecting ongoing volatility across exchanges.
Whale Sales And ETF Reductions Add Pressure
Major Bitcoin ETF issuers, including Ark 21Shares and BlackRock, trimmed positions by 559.85 BTC and 490 BTC respectively, representing combined sales exceeding $130 million. While small compared to their overall portfolios, these adjustments come at a moment of fragile liquidity, amplifying downside risk further.
Technical analysts point out that Bitcoin recently triggered a “Death Cross”, historically linked with short-term price corrections and cautious investor behavior.
Market watchers suggest that if Bitcoin falls below $115,000, the next support sits near $112,500, with further weakness potentially dragging the price to $110,000. The correction follows Bitcoin’s surge above $124,000 earlier this month, sparking questions on whether current moves reflect healthy rebalancing or the first signs of deeper institutional repositioning and market rotation.
Profit Taking Meets Ongoing Accumulation
On-chain data offers a more nuanced view. Santiment reports Bitcoin’s Market Value to Realized Value (MVRV) ratio has climbed to 21%, showing most holders remain in profit. Analysts argue this level often encourages profit-taking, reinforcing near-term selling pressure, particularly among newer investors.
However, contrasting activity is visible among other whale cohorts. Wallets holding between 10 and 10,000 BTC have accumulated around 23,000 coins within the past 72 hours, despite the correction.
This divergence signals that while some investors are locking in gains, others with deeper pockets see the dip as an opportunity. Many experts interpret the pullback as a natural consolidation phase following record highs, with expectations of sideways trading or mild declines before the next upward push. The ongoing tug-of-war between profit-taking and accumulation could significantly shape Bitcoin’s trajectory in the weeks ahead.
