Whale Exodus: $12.7 Billion in Bitcoin Offloaded in 30 Days
In one of the largest Bitcoin sell-offs since mid-2022, whales have dumped over 115,000 BTC, worth approximately $12.7 billion, over the past month. The move, according to on-chain analytics firm CryptoQuant, reflects “intense risk aversion” among the biggest players in the crypto space.
“The trend of reducing exposure by major Bitcoin network players continues to intensify,” said CryptoQuant analyst caueconomy.
This aggressive offloading of BTC has applied significant downward pressure on price, contributing to Bitcoin's dip below $108,000 earlier this week.
A Deeper Look at Whale Behavior
- CryptoQuant defines whales as addresses holding 1,000 to 10,000 BTC
- The 30-day net change in whale reserves hit -114,920 BTC
- This is the largest distribution since July 2022
Even though the seven-day change hit a peak of 95,000 BTC in early September, that pace has slowed, with weekly outflows dropping to around 38,000 BTC as of Sept. 6.
Can Institutions Save the Day?
Despite the whale-driven sell-off, institutional investors and ETF-linked buyers have helped stabilize the market.
“Institutional accumulation has provided a structural counterbalance,” said Nick Ruck, director at LVRG Research.
This divergence between whale selling and corporate buying could keep Bitcoin in a tight range, though broader movement may depend on macroeconomic events, such as the Fed’s September rate decision.
Market Outlook: Short-Term Pain, Long-Term Strength?
For now, BTC/USD is trading between $110,000 and $111,000, holding steady after last week's volatility.
Still, the overall trend remains positive:
- Bitcoin has only corrected 13% from its mid-August all-time high
- The one-year moving average has risen from $52K to $94K since September 2024
- Analysts expect it to break above $100K next month
“Zooming out, the long-term structure is intact,” said Dave the wave.
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