Bitcoin Whales Execute Largest Sell-Off Since Mid-2022
Over the past month, Bitcoin whales—investors holding between 1,000 and 10,000 BTC—have sold roughly 115,000 BTC, amounting to approximately $12.7 billion at current market prices. This marks the most significant outflow by large holders since July 2022, according to data from CryptoQuant.
CryptoQuant analyst known as “caueconomy” noted that this intensified reduction in whale reserves signals heightened risk aversion among major Bitcoin network participants. The substantial sell-off has exerted downward pressure on Bitcoin’s price, contributing to a decline below $108,000 in the short term.
Selling Pressure Eases Amid Range-Bound Trading
The pace of whale selling has moderated recently. The seven-day net balance change peaked on September 3, with over 95,000 BTC moved by whales that week. By September 6, this weekly outflow slowed to around 38,000 BTC. Concurrently, Bitcoin’s price has stabilized within a narrow range between $110,000 and $111,000 as selling pressure has somewhat abated.
Institutional Accumulation Offsets Whale Outflows
While whale sales have intensified short-term volatility, institutional investors have been increasing their Bitcoin holdings, providing a stabilizing effect. Nick Ruck, director at LVRG Research, highlighted this divergence as a structural counterbalance that maintains market resilience despite selling from large holders.
Ruck emphasized the importance of monitoring whether institutional dip-buying will continue to outweigh whale-driven selling pressure. He also noted that broader macroeconomic factors, such as the Federal Reserve’s upcoming rate decision, could significantly influence Bitcoin’s price trajectory.
Long-Term Outlook Remains Positive
Despite recent volatility, Bitcoin’s longer-term fundamentals appear robust. The cryptocurrency has experienced only a 13% correction from its mid-August all-time high, a relatively shallow pullback compared to previous cycles. Analyst “Dave the wave” observed that Bitcoin’s one-year moving average has risen from $52,000 a year ago to $94,000 currently and is expected to surpass $100,000 next month, underscoring sustained upward momentum.
FinOracleAI — Market View
The large-scale sell-off by Bitcoin whales introduces immediate selling pressure that could suppress price gains in the short term. However, the slowdown in outflows combined with continued institutional accumulation suggests a potential floor for Bitcoin prices in the near future. Investors should watch for shifts in whale behavior and institutional demand, as well as upcoming macroeconomic events like the Fed’s rate decision, which may dictate broader market direction.
Impact: negative
