Large Bitcoin holders have offloaded roughly 115,000 BTC worth $12.7 billion over the past month, marking the steepest sell-off since mid-2022, according to market data. Analysts warn the pressure from these sales could continue to weigh on prices in the weeks ahead.
CryptoQuant analyst caueconomy noted on Friday that the drawdown in whale balances “has reached the most significant distribution of coins this year,” pointing to a broader shift toward risk aversion among big players. In the past 30 days, whale wallets have shed more than 100,000 BTC, pushing Bitcoin briefly below the $108,000 level.
This represents the heaviest 30-day outflow from whale addresses since July 2022, with a total decline of 114,920 BTC.
“We are still observing reductions in whale portfolios, which could continue to exert downward pressure on Bitcoin in the short term,” the analyst said.
Whale selling momentum eases
On Sept. 3, the seven-day whale balance change spiked to its highest level in more than two years, with over 95,000 BTC moved in a single week. However, that trend has since slowed. By Sept. 6, the net weekly balance change had fallen to around 38,000 BTC.
Despite the selling spree, Bitcoin has managed to hold within a relatively tight band between $110,000 and $111,000 over the past few days, hinting that the worst of the pressure may be easing.
CryptoQuant categorizes whales as wallets holding between 1,000 and 10,000 BTC.
Institutions step in
Nick Ruck, research director at LVRG, highlighted that while whale selling has triggered liquidations and near-term volatility, institutional accumulation has provided a buffer.
“This divergence shows that although whales may be limiting upside momentum, steady corporate buying and ETF flows are keeping the market structurally strong,” he explained.
He also cautioned traders to keep an eye on the Fed’s upcoming rate decision, which could influence Bitcoin’s broader direction.
Long-term trend remains bullish
Despite short-term turbulence, Bitcoin’s broader trajectory looks far healthier. From its mid-August all-time high, the asset has only corrected about 13% — considerably less than during previous downturns.
Analyst Dave the wave added perspective on Sunday, noting: “A year ago, the one-year moving average was $52,000. Today, it sits at $94,000, and by next month, it should break above $100,000.”
