According to Cointelegraph, Bitcoin whales have sold approximately 147,000 BTC over the past month, potentially exerting further pressure on its price in the coming weeks. These large investors, typically holding 1,000 BTC or more, began offloading their holdings after Bitcoin reached new all-time highs above $124,500 in August. CryptoQuant's head of research, Julio Moreno, noted a net decrease of 147,000 BTC in whale holdings, valued at around $16.5 billion at current market prices, marking a 2.7% decline over the last 30 days. Moreno highlighted the rapid pace of this decline, describing it as the fastest monthly rate of the cycle.
Fellow CryptoQuant analyst Darkfost observed that the selling was primarily driven by long-term holder (LTH) whales. He pointed out that the younger LTH cohort, holding Bitcoin for 6 to 12 months, has conducted over 10 transfers since early September, each ranging from 8,000 to 9,000 BTC. With Bitcoin priced at $115,000, this activity translates into roughly $10 billion in market selling pressure. Despite the accelerated whale movements, data from Glassnode indicates that the volume transferred to exchanges has been relatively low since late August, suggesting that these coins are likely being moved elsewhere.
In contrast, Bitcoin treasury companies have emerged as significant buyers, continuing their aggressive accumulation. Japan's Metaplanet recently acquired an additional 5,419 BTC, becoming the fifth-largest Bitcoin holder. Michael Saylor's Strategy added 850 BTC for $99.7 million last week, increasing its total holdings to 639,835 BTC. Crypto investment company River highlights that businesses now hold more Bitcoin than ETFs, with both entities accelerating their accumulation. This trend raises questions about the price at which individuals will sell to these buyers.
While whale selling exerts sell-side pressure, robust ETF inflows and corporate treasury purchases create a structural floor, absorbing profit-taking by long-term holders and whales. Bitcoin's recent drop below $116,000 validated a bear flag pattern on the daily chart, indicating a continuation of the downtrend. The loss of support from the 50-day and 100-day simple moving averages underscores the intensity of the sell-side pressure. Bulls are now relying on the support zone between $112,000 and $110,000 to hold, as a daily close below this level could trigger another sell-off toward the bear flag's technical target of $100,000, representing an 11% decline from the current price. The relative strength index has decreased from 61 to 44 over the past week, suggesting building downward momentum. Cointelegraph reports that bulls might regain their footing around $106,000 if buyers intervene during further price corrections.
