Bitcoin whales have sold approximately 115,000 BTC—worth $12.7 billion—over the past month, marking the largest sell-off by major holders since July 2022.
This intensified risk aversion among large investors has contributed to downward pressure on bitcoin’s price, which briefly fell below $108,000.
Whale selling pressure intensifies
According to CryptoQuant analyst ‘caueconomy,’ whale reserves declined by over 100,000 BTC in the last thirty days. The analyst noted:
“The trend of reducing exposure by major Bitcoin network players continues to intensify, reaching the largest coin distribution this year.”
The seven-day change in whale balances reached its highest point since March 2021, with more than 95,000 BTC moved by whales in a single week.
However, the aggressive selling appears to have slowed, with the weekly net sell figure dropping to 38,000 BTC as of September 6.
CryptoQuant defines whales as entities holding between 1,000 and 10,000 BTC.
Institutional buying provides support
Nick Ruck, director at LVRG Research, highlighted that institutional accumulation and ETF-driven demand are providing a structural counterbalance to whale-driven sell pressure. Ruck commented:
“Traders should monitor whether institutional dip-buying outweighs whale-driven pressure, though macroeconomic catalysts like the Fed’s September rate decision could ultimately dictate broader direction.”
Price resilience and long-term trends
Despite the recent volatility, bitcoin’s correction remains relatively shallow—just 13% off its mid-August all-time high.
The one-year moving average has also climbed significantly, sitting at $94,000 today compared to $52,000 a year ago, indicating steady long-term growth.
