Bitcoin Whales Sell $13B as ETFs and Altcoins Stir Market Shift

Bitcoin whales—wallets holding between 1,000 and 10,000 BTC—have offloaded over 115,000 BTC in the past 30 days, totaling approximately $13 billion in value, marking one of the largest sell-offs since mid-2022 [1][2]. This mass liquidation, according to CryptoQuant analyst 'caueconomy,' reflects an ongoing trend of major network players reducing their exposure to the asset [2]. Whale selling has intensified in the final weeks of August and early September, with a peak of over 95,000 BTC moved in a single week [2]. Although the pace has slightly slowed, with the weekly net sell-off dropping to 38,000 BTC by September 6, the cumulative effect has contributed to downward pressure on Bitcoin’s price, which briefly fell below $108,000 [2].

The recent selling has been contrasted with inflows into U.S. spot Bitcoin exchange-traded funds (ETFs), which have experienced mixed but relatively balanced flows over the last 30 days. These ETFs saw $3.17 billion in inflows over 17 days against $3.16 billion in outflows over 13 days [1]. However, like whale activity, ETF outflows have accelerated in the final weeks of August, with BTC ETFs ending the month with $751.12 million in total net outflows [1]. In September, the ETFs recorded a two-day inflow streak of $634 million, followed by a $387.6 million net outflow between September 4 and 5 [1]. Overall, ETFs currently hold $144.05 billion in net assets, representing 6.48% of Bitcoin’s total market capitalization [1].

Market observers suggest that the recent volatility may be driven by broader macroeconomic uncertainty and expectations around the U.S. Federal Reserve’s potential rate cut [1]. The Fed’s September decision is seen as a pivotal catalyst, with market participants anticipating a 90.1% chance of a 25-basis-point cut to the benchmark rate, which could influence risk-on behavior across asset classes [4]. Meanwhile, Bitcoin’s dominance has declined by 3.58% in the past month, signaling an early shift in capital toward altcoins [1]. Analysts at Coinbase Institutional note that market conditions now support a full-scale altcoin season, provided more crypto ETFs are approved in the U.S. [3].

Bitcoin’s price has shown resilience despite the selling pressure, with the asset remaining within a 13% range of its mid-August all-time high. The one-year moving average has also trended upward, sitting at $94,000 as of September 8—nearly double the $52,000 level recorded a year earlier [2]. This suggests that, while short-term volatility is present, the long-term bullish trend remains intact. Institutional buying has also played a stabilizing role, with corporate treasuries holding approximately 847,470 BTC, valued at $94.7 billion [4]. Companies like Japan’s Metaplanet have continued to increase exposure to Bitcoin, purchasing additional BTC in recent weeks and becoming the fifth-largest corporate holder [4].

In the broader market, XRP has outperformed Bitcoin, with the XRP/BTC pair rising nearly 300% since the U.S. election of Donald Trump [3]. The asset has formed a bullish inverse head-and-shoulders pattern on its weekly chart, suggesting the potential for a 100-250% increase in value if the pattern breaks above 3,145 satoshi [3]. A golden cross on its weekly time frame further reinforces this bullish outlook [3]. However, XRP faces a historical resistance band from mid-2019 that has consistently prevented a breakout. With Ripple’s settlement with the SEC easing regulatory concerns, analysts argue this cycle could finally see a sustained rally, provided momentum builds to break through this resistance [3].

Source:

[1] Bitcoin Whales Sold $13B Over Past 30 Days, BTC ETFs ... (https://www.ccn.com/news/crypto/bitcoin-whales-sold-13b-btc-etfs/)

[2] Bitcoin Whales Trigger Largest Sell-Off Since 2022 (https://bitbo.io/news/bitcoin-whale-selloff-2025/)

[3] Can XRP keep outperforming Bitcoin this bull cycle? (https://cointelegraph.com/news/can-xrp-keep-outperforming-bitcoin-this-bull-cycle)

[4] Bitcoin eyes $118K, XRP targets $3.00, Ethereum steady (https://www.fxstreet.com/cryptocurrencies/news/crypto-today-bitcoin-xrp-show-recovery-strength-as-ethereum-consolidates-202509081100)