Whales Cash Out $12.75B as Bitcoin's Rally Ignores the Sell-Off

Bitcoin's price has recently seen a sharp surge, reaching above $113,000, yet the broader market sentiment is mixed as significant selling pressure from large investors raises concerns about further corrections. Over the past month, whale investors—those holding between 1,000 and 10,000 BTC—have offloaded over 114,920 BTC, totaling $12.75 billion in value. This is the largest monthly whale sell-off since July 2022 and is seen as a warning sign from major holders, who are increasingly adopting a cautious stance [1]. Analysts warn that this sustained selling pressure could push the price of Bitcoin below the critical $100,000 level in the near term, particularly if bearish indicators persist [2].

The price of Bitcoin has experienced notable volatility in recent weeks, consolidating within a channel between $109,000 and $112,000. While it has only corrected about 13% from its mid-August high, this is a relatively shallow correction compared to previous bearish phases. The one-year moving average has also shown a significant upward trend, rising from $52,000 to $94,000 over the past 12 months, signaling a strong long-term foundation for the asset. Over the same period, the market capitalization of Bitcoin has increased by over $1.13 trillion [1].

Despite the bearish short-term outlook, some analysts point to a potential breakout scenario for Bitcoin. The cryptocurrency is currently forming a bullish inverse head-and-shoulders pattern on hourly charts, with a key neckline resistance at $113,378. A breakout above this level could signal a potential rally toward $120,000. However, the pattern would be invalidated if the price drops below $107,300, shifting focus to key support levels around $101,850 [5].

The recent surge in institutional buying has also played a role in shaping Bitcoin’s trajectory. Treasury holdings among companies have surpassed 1 million BTC, with nearly 9,800 BTC added in the first week of September alone. However, a report from on-chain analytics firm CryptoQuant noted a shift in institutional buying behavior, with average purchase sizes dropping significantly—down 86% from early 2025 levels. This suggests a more conservative approach from large investors in the short term [1].

Meanwhile, broader macroeconomic developments have added another layer of complexity to Bitcoin’s price movement. The recent U.S. nonfarm payrolls report, which showed a much lower-than-expected 22,000 new jobs added in August, has intensified speculation about a Federal Reserve rate cut in September. Market expectations for this cut have already been priced in, and the U.S. dollar has weakened as a result. Gold has responded positively, reaching record highs, while Bitcoin’s reaction has been relatively muted, with the price falling under $111,000 despite the favorable macroeconomic backdrop [4].

The interplay between Bitcoin and traditional safe-haven assets like gold has also become a topic of interest. As concerns grow about the U.S. dollar’s global reserve status, some analysts believe that both gold and Bitcoin are positioning themselves as alternative stores of value. Goldman Sachs analysts have warned that a potential crisis at the Federal Reserve could erode confidence in the dollar, boosting demand for gold and potentially strengthening Bitcoin’s appeal as a digital alternative [6].

Bitcoin’s price movement is also being influenced by the actions of large exchanges and institutional players. On Binance, the Taker Buy/Sell Ratio has shown signs of weakening, a classic indicator of bearish market corrections. This metric, which measures the ratio of buy volume to sell volume in futures markets, has been making lower lows even as the price remains range-bound. Such divergence is often a precursor to a significant price shift [2].

As the market approaches key macroeconomic data releases, including the Producer Price Index (PPI) and Consumer Price Index (CPI) reports, traders are closely monitoring the potential impact on Bitcoin’s price. The outcome of these reports could influence the timing and magnitude of the next Federal Reserve rate cut, which in turn could affect the broader risk-on sentiment and liquidity conditions for Bitcoin and other cryptocurrencies [2].

Source: [1] Analysts Warn of $100K Dip as Bitcoin Sees Biggest Whale Sell-off in 3 Years (https://finance.yahoo.com/news/analysts-warn-100k-dip-bitcoin-082722215.html) [2] Here's 5 Things Bitcoin Traders Are Talking About This Week (https://cointelegraph.com/news/btc-dip-predictions-fall-below-90k-5-things-to-know-in-bitcoin-this-week) [3] If selling $2 billion crashes the BTC price, why doesn't ... (https://cryptoslate.com/if-selling-2-billion-crashes-the-btc-price-why-doesnt-buying-83b-send-it-to-space/) [4] Bitcoin price ignores major US payrolls miss to erase ... (https://cointelegraph.com/news/bitcoin-price-ignores-major-us-payrolls-miss-erase-113-4k-surge) [5] BTC Could Surge to $120K With Bullish Head-and- ... (https://www.coindesk.com/markets/2025/09/08/btc-looks-to-be-prepping-for-a-surge-to-usd120k-technical-analysis) [6] Serious U.S. Dollar Fed Warning Issued As Bitcoin Mounts ... (https://www.forbes.com/sites/digital-assets/2025/09/06/goldman-sachs-issues-serious-us-dollar-fed-warning-as-bitcoin-mounts-24-trillion-gold-price-challenge/)