- Whales offloaded 114,920 BTC in 30 days, worth around $12.7 billion at current prices.
- Whale reserves saw their largest drop since mid-2022, signaling high risk aversion.
- Bitcoin briefly fell below $108,000 before rebounding to trade around $111,022.
Bitcoin whales have offloaded more than 114,000 BTC in the past 30 days, worth approximately $12.7 billion. This marks the largest distribution of coins by major holders since July 2022.
Analysts say this selling activity is putting short-term pressure on Bitcoin’s price. Continued whale sell-offs may affect market momentum in the coming weeks.
Largest Whale Sell-Off Since July 2022
CryptoQuant analyst ‘caueconomy’ reported that large investors are intensifying their reduction in Bitcoin exposure. Whale reserves have declined by over 100,000 BTC in the last month, reflecting strong risk aversion among major players in the Bitcoin network.
The analyst described the current sell-off as the biggest coin distribution of the year. The 30-day change of 114,920 BTC represents the highest level of selling since mid-2022.
According to CryptoQuant, the ongoing selling has disrupted Bitcoin’s short-term price structure. The decline in whale holdings pushed BTC below $108,000 earlier this week.
Analysts warn that if whale portfolios continue to shrink, Bitcoin may face extended downward pressure. “At this time, we are still seeing these reductions in the portfolios of major players,” the analyst added.
Bitcoin Price Volatile Around $111K
Bitcoin is currently trading at approximately $111,022, with a slight gain of +0.02% in the latest session. The 15-minute chart shows sharp volatility, with price swings between $110,940 and $111,600.
After a dip on September 6, BTC rebounded to reclaim the $111,000 level. Recent candlestick patterns suggest market indecision, with alternating red and green bars.
Key technical levels show support near $110,600 and resistance at $111,400. A move above resistance could signal upward momentum, while falling below support may increase selling pressure. Despite the recovery, whale behavior continues to weigh on sentiment.
Meanwhile, investor Mark Cuban has stated that Bitcoin offers more value than gold. He referred to BTC as a stronger store of value in the digital age.
While some analysts agree, pointing to Bitcoin’s limited supply and growing adoption, others maintain that gold’s long-standing trust gives it an edge. The debate reflects Bitcoin’s evolving position in global financial markets.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
