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Who's Selling Bitcoin? Top Analyst Uncovers Old Whale Activity

Who’s Selling Bitcoin? Top Analyst Uncovers Old Whale Activity

Sebastian Villafuerte
by Sebastian Villafuerte
8 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin has started the year with a strong performance, confirming crucial demand above the $92,000 mark and gaining over 6% in price appreciation. This move has renewed investor optimism, reinforcing Bitcoin’s position as the market leader amid a broader crypto market recovery. However, selling pressure continues to cap the price below the psychologically significant $100,000 level, leaving many investors questioning who could be offloading BTC at such a critical time in the cycle.

Related Reading: Bitcoin New Whales Entry Price Reveals Key Support Level – Analyst

According to CryptoQuant CEO Ki Young Ju, the answer lies with old whales. In a recent analysis, Ki revealed that veteran BTC holders have been offloading significant amounts of BTC, with over-the-counter (OTC) transactions playing a major role in the recent selling pressure. This suggests a strategic redistribution of holdings, which could impact short-term price movements while potentially setting the stage for new market participants to enter.

As Bitcoin struggles to breach the $100,000 barrier, market sentiment remains mixed. On one hand, long-term demand and institutional interest signal continued strength. On the other hand, short-term selling by influential whales highlights the challenges that BTC faces in maintaining its upward trajectory. The coming days will reveal whether BTC can overcome this resistance and start the year with a historic rally.

Bitcoin Whales Are Taking Profits

As Bitcoin embarks on what investors hope will be another strong year, a closer look at market dynamics reveals old whales taking profits amidst periods of uncertainty. Over the past few weeks, the market sentiment has shifted dramatically—from extreme bullishness and soaring prices to concerns about a possible significant correction, and now back to an optimistic outlook.

Amid this turbulence, CryptoQuant CEO Ki Young Ju has shed light on the forces driving the market. Sharing key insights on X, Ju revealed that old whales are actively selling BTC at current levels. Despite their actions, he notes that high over-the-counter (OTC) transaction volumes and exchange deposits aren’t causing market crashes. This controlled selling strategy indicates a calculated approach by seasoned investors, balancing profit-taking with market stability.

Bitcoin Exchange Inflow & Coinbase Premium Index
Bitcoin Exchange Inflow & Coinbase Premium Index | Source: Ki Young Ju on X

Ju further highlights that buying pressure is primarily coming from U.S. institutions, especially on Coinbase. However, there’s a caveat—Coinbase’s daily premium, a key indicator of institutional demand, is at a two-year low. This suggests that while institutional players are involved, their activity isn’t as robust as it needs to be to propel Bitcoin toward its next major rally.

Related Reading: Bitcoin SoV Thesis Gains Traction – Metrics Reveal $1.03 Trillion Now Held On The Network

For Bitcoin to sustain its upward momentum, Ju emphasizes the need for a recovery in institutional demand. A renewed surge in buying pressure could pave the way for BTC to break through resistance levels and continue its ascent. Until then, the market may remain in a delicate balance.

Technical Set Up: BTC On The Rise?

Bitcoin is currently trading above the $95,000 mark, signaling short-term strength and instilling cautious optimism among investors. This level is seen as a pivotal point in the ongoing price action, as every hour that BTC holds above it strengthens expectations of a potential push toward the critical $100K level. A breakout above $100K is essential if bulls want to regain control and ignite a decisive upward move that could set the stage for new all-time highs.

BTC testing liquidity between $92K and $100K
BTC testing liquidity between $92K and $100K | Source: BTCUSDT chart on TradingView

Despite this, the market continues to reflect significant uncertainty. While holding above $95K offers a glimmer of hope, bulls are yet to gather the necessary momentum to overcome prevailing selling pressure. This suggests that a breakout might require more time, as the market evaluates its next direction.

On the other hand, the importance of the $92,000 level cannot be overstated. As a key demand zone, holding above this mark is critical to maintaining Bitcoin’s long-term bullish structure. A breach below it could trigger a deeper correction, testing investor confidence.

Related Reading: Bitcoin Exchange Netflow-To-Reserve Ratio: New Metric Reveals BTC Accumulation

As Bitcoin navigates this range-bound phase, market participants remain watchful, with the focus on maintaining these crucial levels to signal strength and readiness for the next leg up in the bull cycle.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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