Bitcoin nears $110,000 as whales dump billions in BTC
As Bitcoin neared the $110,000 level, new data shows that the supply held by large investors, known as whales, has dropped to its lowest point since 2019. This suggests that many of these big holders are taking profits, which could slow down the recent price rise.
Picture a whale underwater next to a glowing Bitcoin trapped in glass, with stacks of cash around it.
In summary, Bitcoin whales have sold more than 40,000 BTC this week, worth around $4.3 billion. This has pushed the amount of Bitcoin they hold to the lowest level seen in four years. Long-term investors are also starting to sell, indicating less confidence among the holders and adding pressure on Bitcoin's recent gains.
Bitcoin is now struggling to stay above the $108,000 support level, with resistance at about $109,476. If it fails to hold this support, the price could fall toward $105,000 or even lower.
Last week, whales holding between 1,000 and 10,000 BTC sold more than 40,000 BTC, worth over $4.3 billion. This big sell-off happened as Bitcoin's price jumped 7% within 24 hours, reaching about $108,145.
Large outflows from whales often hint at upcoming high volatility. When big investors sell in large amounts, they flood the market with supply. This can lead to slower price growth or even a quick reversal.
Long-term holders are also acting similarly. The liveliness indicator, which shows how much Bitcoin is being moved compared to what is being held, increased sharply this week. This shows many long-term wallets are choosing to sell instead of hold onto their coins.
A chart of Bitcoin’s liveliness and price from mid-May to late June shows the liveliness rising sharply early and late June. During this period, the price stayed mostly steady.
This is a sign for traders who are bullish. Long-term holders are usually seen as the stable part of the market. When they sell, it can cause more swings in the price and make key levels harder to break.
Currently, Bitcoin is testing the $108,000 support level. If buyers push past $109,476, the door opens to reach $110,000. But if the selling pressure from whales and long-term investors continues, the price could fall back to around $105,622 or even down to $102,734.
Since whale supply is at its lowest level in six years, the question is no longer just whether Bitcoin can climb higher, but whether it can do so without the biggest holders supporting it.