Bitcoin and Ethereum witnessed strong selling activity from whales and miners right after Bitcoin reached a new historical peak.
On-chain data shows that the amount of BTC and ETH flowing to exchanges spiked, reflecting profit-taking moves from whales and miners during a strong cryptocurrency price increase.
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Bitcoin miners have recorded a historic divestment of 16,000 BTC right after Bitcoin reached $123,000.
Whales account for a large portion of the Bitcoin transferred to exchanges to lock in profits.
Ethereum also recorded the highest amount of ETH flowing to exchanges since the beginning of 2025.
Why are Bitcoin miners selling off strongly after Bitcoin set a new peak?
Data from CryptoQuant confirms that on July 15, 2025, Bitcoin miners transferred 16,000 BTC to exchanges, the largest amount since April, reflecting a quick response to Bitcoin's price peak of $123,000.
Analysis from blockchain experts indicates that this move is a way for miners to take advantage of the market peak to increase cash flow, especially when many miners hold mined BTC to boost their treasury.
Theo CryptoQuant: “The total amount of Bitcoin transferred out by miners reached 16,000 BTC on July 15, which is an extreme outflow according to our indicators.”
CryptoQuant, on-chain data provider, July 2025
Miner Position Index (MPI) and its impact on the market
The MPI index rising to 2.7 indicates that miners are actively pushing BTC onto exchanges, forecasting that short-term selling pressure may increase, potentially causing price volatility.
Expert Avocado_Onchain believes this is a warning signal, but it is still far from the peak levels of previous price cycles.
A strong MPI increase signals the possibility of price adjustments or fluctuations in the short term, but it has not yet reached the extreme levels of previous up cycles.
Avocado_Onchain, cryptocurrency analyst, July 2025
What role do Bitcoin whales play in this sell-off?
CryptoQuant reports that the amount of BTC transferred to exchanges has increased from 19,000 BTC a week ago to 81,000 BTC on July 15, with whales accounting for up to 58,000 BTC, 4.5 times more than the previous week.
This move indicates that whales are also taking advantage of the price increase to lock in profits, while the number of retail users shows signs of increasing interest again.
Has Ethereum also seen a significant increase in transaction inflows?
Data from CryptoQuant shows that on July 16, the amount of ETH transferred to exchanges reached nearly 2 million ETH, the highest level since the beginning of the year, reflecting that investors have started to sell after a 131% rise since April.
However, the trading activity of other altcoins remains quite subdued, as many coins have not yet generated significant profits to encourage investors to sell.
Bitcoin price slightly decreased; what is the trend of the cryptocurrency market?
Bitcoin has adjusted down to around $118,000 after peaking at $123,000, while Ethereum, Solana, and XRP have also seen similar declines. Analysts view this as a normal technical correction in a long-term uptrend.
Avocado_Onchain emphasizes that if the selling by miners is temporary, the medium and long-term uptrend of Bitcoin will still be maintained. Crypto Dan – an on-chain expert – also does not see signs of an overly hot market similar to previous boom periods.
The impact of this sell-off depends on whether it is a temporary or continuous event, but the medium-term outlook remains optimistic.
Avocado_Onchain, cryptocurrency analyst, July 2025
Frequently Asked Questions
Does the large selling of BTC by miners affect the price?
The increase in miners' selling puts short-term supply pressure, which can cause price volatility. However, if it does not persist, this is merely a normal correction in the upcycle.
Is the selling off by Bitcoin whales a sign that prices will drop significantly?
Whale profit-taking can cause volatility, but it does not mean the market will drop significantly, especially when demand from retail investors remains strong.
Why has Ethereum also seen a significant inflow to exchanges?
Ethereum's recovery of 131% has stimulated investors to sell off and lock in profits, as seen through the amount of ETH flowing to exchanges reaching its peak since the beginning of the year.
Do other altcoins get affected when Bitcoin and Ethereum adjust?
Altcoins often decline along with the general trend, but many coins remain stable because they have not generated large profits for investors to sell off massively.
What is the long-term trend of Bitcoin and the cryptocurrency market?
Most experts believe that the medium and long-term uptrend is still maintained based on current fundamentals and on-chain data.
Source: https://tintucbitcoin.com/bitcoin-san-tang-81k-btc-lon/
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