Bitcoin Whale Resumes Large BTC Sales Amid Stagnation Near $116,000
After a brief hiatus, a prominent Bitcoin whale has re-entered the market with substantial BTC sales as Bitcoin struggles to clear the $116,000 resistance level for the first time in three weeks.
Two Bitcoin wallets linked to a single long-term holder, which had retained their BTC for over eight years, transferred a total of 1,176 BTC—valued at more than $136 million—to the Hyperliquid trading platform on Sunday. According to blockchain analytics firm Lookonchain, these wallets began actively selling their holdings following a two-week pause.
Previous $4 Billion BTC-to-ETH Swap Reflects Strategic Shift
Earlier in August, this same whale executed a massive swap, offloading nearly 36,000 BTC worth over $4 billion at that time in exchange for Ether (ETH). Lookonchain highlighted that this move marked a significant shift in the whale’s portfolio allocation.
Since then, the ETH-to-BTC exchange ratio has remained relatively stable but currently sits at approximately 0.0401. If the whale were to convert their ETH holdings back into BTC today, they would realize a loss of nearly 460 BTC—equivalent to around $53 million—underscoring the risk associated with this strategic repositioning.
Bitcoin Price Remains Range-Bound Near $116,000
Bitcoin’s price action has been subdued in recent days, with the cryptocurrency testing but failing to decisively break above the $116,000 resistance. On Friday, BTC briefly touched $116,182—the highest level since August 23—before retreating. Over the past 24 hours, Bitcoin has traded flat around $115,500, fluctuating between just below $115,000 and the $116,000 threshold.
Despite this recent resilience, Bitcoin remains approximately 7% below its August 14 peak of over $124,000, indicating persistent selling pressure near current levels.
Additional Dormant Wallets Reactivate, Signaling Potential Market Movement
Lookonchain also reported renewed activity from other historically dormant Bitcoin wallets. One wallet holding nearly 445 BTC, inactive for nearly 13 years, moved funds to the Kraken exchange on Thursday. Similarly, another wallet with close to 480 BTC conducted transfers earlier in September after no activity since 2012, seemingly consolidating funds into a new address.
These movements by long-inactive holders may suggest increasing caution or preparation for market repositioning, potentially impacting Bitcoin’s price dynamics in the near term.
In sum, the resumption of selling by a major Bitcoin whale, coupled with stagnant price action around key resistance and renewed activity from dormant wallets, could indicate growing uncertainty among large holders. Market participants will be closely watching whether Bitcoin can overcome the $116,000 barrier or if further downside pressure emerges.
FinOracleAI — Market View
The renewed selling by a significant Bitcoin whale amid Bitcoin’s failure to break decisively above $116,000 suggests potential near-term downside risk. Large liquidations from long-term holders may increase supply pressure, potentially weighing on prices. However, the current price consolidation also indicates some level of support around these levels.
Investors should monitor whale wallet activity and Bitcoin’s ability to sustain a breakout above $116,000. A decisive move higher could attract renewed buying, while failure might lead to further retracement toward recent lows.
Impact: negative
