TLDR
- Bitcoin whales sold $12.7 billion worth of BTC in largest distribution since July 2022
- Over 115,000 Bitcoin dumped by major holders in past 30 days pressures price below $108,000
- Whale selling peaked at 95,000 BTC weekly but has slowed to 38,000 BTC as of September 6
- Institutional buying provides counterbalance to whale distribution through ETF demand
- Bitcoin currently trades between $110,000-$111,000 after 6.5% August decline ended four-month streak
Bitcoin price faces intense selling pressure after whales dumped over $12.7 billion worth of BTC in the past month. This marks the largest whale distribution event since July 2022.
Large Bitcoin holders sold approximately 115,000 BTC over 30 days according to CryptoQuant data. The massive selling pushed Bitcoin price below $108,000 during peak distribution periods.
Whales holding 1,000 to 10,000 BTC drove the selling spree. These major players had accumulated roughly 270,000 Bitcoin between April and August before reversing course.
Bitcoin price dropped 6.5% in August, ending a four-month winning streak. The cryptocurrency opened August at $115,778 but closed lower as smart money took profits.
Whale Selling Pressure Shows Signs of Cooling
Recent data suggests the aggressive whale distribution may be slowing down. Weekly balance changes dropped from 95,000 BTC to around 38,000 BTC by September 6.
The seven-day balance change reached its highest level since March 2021 on September 3. Over 95,000 BTC moved during that week alone.
Bitcoin price now trades in a tighter range between $110,000 and $111,000. The narrower trading band reflects reduced selling pressure from large holders.
CryptoQuant analysts describe “intense risk aversion among large investors” driving the distribution. Whale reserves fell to their lowest levels since the 2022 bear market.
Institutional Demand Provides Market Support
Despite whale selling, institutional accumulation has helped stabilize Bitcoin price. Corporate buyers and ETF demand absorbed some of the distribution pressure.
LVRG Research notes this creates a “structural counterbalance” to whale activity. Institutional dip-buying supported prices during the heaviest selling periods.
The divergence between whale selling and institutional buying shows underlying market resilience. ETF-driven demand continues even as large holders reduce positions.
Bitcoin entrepreneur David Bailey suggested prices could reach $150,000 if key whales stopped selling. His comments highlight how concentrated the distribution has been.
However, macroeconomic factors may ultimately determine Bitcoin price direction. The Federal Reserve’s September rate decision could provide market catalysts.
Bitcoin’s 13% correction from mid-August highs remains shallow compared to previous pullbacks. The one-year moving average rose from $52,000 to $94,000 over the past year.
