Bitcoin whales sell $400 million: Raise doubts about the BTC rally

Bitcoin (BTC) whales are back in action, selling the cryptocurrency in significant volumes. This increase in selling pressure coincides with BTC's return to $100,000, raising concerns about its ability to maintain this key threshold.

If this happens, then the numerous predictions that Bitcoin could approach $125,000 may be delayed.

Bitcoin’s 'big fish' abstain from HODL

Data from IntoTheBlock reveals that the Large Holders Netflow of Bitcoin — a metric that tracks the net buying or selling by addresses holding more than 1% of the circulating supply — has shown notable changes over the past week. A week ago, the netflow was 28,570 BTC when the price of Bitcoin was $97,885.

However, the situation has changed. Currently, the netflow has fallen to -3,960 BTC. At Bitcoin's current price of $100,954, this negative netflow translates to approximately $400 million in sales by the whales. This suggests a significant increase in selling pressure among large Bitcoin holders.

Read more: Bitcoin (BTC) price prediction: 2024 to 2030

If this continues, it could drive the price of BTC down in the coming days. The total outflow of Bitcoin from exchanges supports this thesis. The outflow from exchanges measures the amount of coins sent from centralized platforms to external self-custody wallets.

Total Bitcoin outflow from exchanges. Source: CryptoQuant

When the metric increases, it means that most holders do not plan to sell. However, a decrease implies that the HODLing rate has fallen, which could negatively affect the price. According to CryptoQuant, the outflow of Bitcoin from exchanges has decreased since the peak it reached on December 11.