Bitcoin experienced a strong correction this week, with the price significantly retreating from recent peaks. In addition to macroeconomic factors, the movement of large investors was decisive for the decline.
The actions of just two large addresses had a direct impact on the coin's price.
Bitcoin investors retreat
In the last six days, Bitcoin whales — addresses holding between 10,000 and 100,000 BTC — have sold over 30,000 BTC, valued at around $3.45 billion. This large-scale liquidation movement indicates a pursuit of profit-taking after the asset has reached recent highs.
According to CryptoQuant analyst, JA Maartunn, the selling pattern repeats previous cycles:
‘…Bitcoin rose to $120,000, but whales are taking advantage of the high with a third wave of selling.’
The additional selling pressure on exchanges has increased the selling pressure and accelerated the price drop. The sudden influx of BTC into exchanges created selling pressure, causing a price drop.
Bitcoin Holding by Whales. Source: Santiment
The macroeconomic environment also contributes to the fragile scenario. One sign is the advance of the 'Coin Days Destroyed' metric, used to measure the movement of long-term holders (LTHs). According to CryptoQuant, this is the second largest jump in the metric in 2025, reinforcing that these investors are liquidating part of their reserves.
Like whales, LTHs exert strong influence over the price. An increase in Coin Days Destroyed usually indicates significant liquidations, which at this moment reinforce the bearish pressure.
Bitcoin Coin Days Destroyed. Source: CryptoQuant
BTC price may suffer further losses
Bitcoin is trading close to $115,130, remaining just slightly above the support of $115,000. The 6% drop over the past few days, intensified by the selling from whales and LTHs, suggests the possibility of further lows in the short term.
If the selling pressure continues, BTC could fall to the region of $112,526. A break below this level would open space for testing the mark of $110,000, a low not seen in almost six weeks. This scenario would reinforce the continuation of the bearish bias and increase the perception of market weakness.
Bitcoin Price Analysis. Source: TradingView
On the other hand, if the support at $115,000 holds and there is an improvement in investor sentiment, the asset could react towards $117,261. A break above this level would open space to retake $120,000, which would invalidate the current picture of negative pressure.
The article 'Bitcoin Price Drops as the Two Largest BTC Investors Sell' was first seen on BeInCrypto Brazil.
