Bitcoin whales have offloaded more than 115,000 BTC in the past month, equal to around $12.7 billion, marking the biggest whale sell-off since mid-2022. Analysts warn that this wave of selling is adding strong downside pressure on Bitcoin’s price and signals “intense risk aversion” among large investors.
According to CryptoQuant, whale reserves fell by over 100,000 BTC in the last 30 days, pushing prices briefly below $108,000. The largest shift came during the week ending September 3, when whales moved more than 95,000 BTC — the highest weekly change since March 2021.
Although the selling has slowed, with whale balance changes easing to about 38,000 BTC by September 6, the market remains cautious. Bitcoin has been consolidating between $110,000 and $111,000 over the past few days, showing some stabilization after the heavy outflows.
Despite the short-term volatility, institutional buying has helped balance the market. Nick Ruck of LVRG Research noted that corporate accumulation and ETF-driven demand continue to offset whale-driven pressure, suggesting underlying resilience. However, he warned that macro factors such as the Federal Reserve’s September rate decision could play a key role in Bitcoin’s next big move.
From a broader perspective, the long-term outlook remains strong. Bitcoin is only down 13% from its August all-time high — a smaller correction compared to previous cycles. Analyst “Dave the wave” pointed out that the one-year moving average has surged from $52,000 a year ago to $94,000 today and is on track to break $100,000 next month, signaling sustained growth.
