Important Points:
- Large Bitcoin holders, often called “whales,” have sold off approximately 147,000 BTC in the last month.
- A potential “bear flag” pattern in the Bitcoin price chart suggests a possible drop to $100,000 if current support levels fail.
Analysts are observing that Bitcoin (BTC) whales have been reducing their holdings, selling around 147,000 BTC over the past 30 days. Continued selling by these large investors could exert downward pressure on the cryptocurrency’s price in the coming weeks.
Significant BTC Sell-Off Totals $16.5 Billion
These substantial Bitcoin holders, typically entities with 1,000 BTC or more, began reducing their positions after Bitcoin’s price reached new record highs above $124,500 in August.
Related Reading: Bitcoin Predicted to Experience a “Sharp Rise” Again by Late 2025: Saylor’s Perspective
Julio Moreno, Head of Research at CryptoQuant, analyzed the change in total whale holdings over the month and stated that the supply held by whales had decreased by 147,000 BTC. As of Wednesday, this amount was valued at approximately $16.5 billion based on current market valuations. This sell-off represents a decrease of over 2.7% in whale holdings over the last month.
Moreno added this remark:
“We’re witnessing the fastest monthly decline in total whale balances observed during this cycle.”
In response to Moreno, another CryptoQuant analyst, Darkfost, mentioned that the selling activity primarily came from long-term holder (LTH) whales.
“The movement of coins by LTHs persists,” Darkfost posted on X on Monday. Darkfost also highlighted that the younger LTH group (those holding for six to twelve months) have executed more than 10 transfers since early September, with each transaction ranging from 8,000 to 9,000 BTC.
“Based on an average of 8,500 BTC per transfer and a Bitcoin price of $115,000, this translates to approximately $10 billion in selling pressure being applied to the market.”
Data provided by Glassnode indicates that even though whale activity might be picking up, the amount being transferred to exchanges by these entities has remained relatively low since late August, which suggests that the coins are likely moving elsewhere.
In recent months, some of the most active buyers have been corporate Bitcoin treasury holders, who continue their accumulation strategies. For example, Metaplanet, a Japanese company, acquired 5,419 BTC last week and has now become the world’s fifth-largest corporate Bitcoin holder.
Michael Saylor’s Strategy added 850 BTC for $99.7 million last week, bringing its total Bitcoin reserves up to 639,835 BTC.
The crypto investment firm River observed that companies now possess a larger Bitcoin volume than ETFs, demonstrating the continued accumulation trend.
Businesses now hold more bitcoin than ETFs.
Both will keep accelerating their accumulation.
The big question: at what price will individuals be selling to them? pic.twitter.com/2xACLjHuyJ
— River (@River) September 23, 2025
Therefore, while the selling activity by whales increases sell-side pressure, strong inflows into ETFs and corporate treasury purchases create a supportive foundation, absorbing the profits taken by long-term holders and whales.
Potential Downward Trend: Bitcoin’s Bear Flag Targets $100,000
Bitcoin’s drop below $116,000 on Sunday confirmed the bear flag on the daily chart (shown below), indicating a likely continuation of the existing downtrend.
Bitcoin bulls also lost the support from the 50-day simple moving average (SMA) at $114,300 and the 100-day SMA at $113,400, highlighting the strength of selling pressure.
Bulls are now relying on the support zone between $112,000 and $110,000 to hold. A daily close below this level would trigger a further sell-off targeting the bear flag’s technical target of $100,000. Such a price decrease would represent approximately an 11% fall from the present levels.
The relative strength index (RSI) has declined from 61 to 44 over the past week, indicating growing downward momentum.
As previously reported, buyers may step in and the bulls could regain control around $106,000 in the event of any further BTC price correction.
This content should not be considered financial advice. Investment and trading activities carry risk, and readers should conduct thorough due diligence before making any decisions.