Bitcoin has recently faced significant selling pressure as older investors, often referred to as “whales,” continue to liquidate their holdings at a substantial rate. Reports indicate that these long-term holders have been offloading more than 1,000 BTC per hour throughout 2025, raising alarms among market analysts like Charles Edwards from Capriole Investments. He noted that these “super whales” seem to be cashing out, a trend that could potentially impact Bitcoin’s price trajectory.
As of now, Bitcoin’s trading value is approximately 18.7% below its recent peak, plummeting to around $104,130. This reversal follows a notable spike to $111,000 just days earlier, illustrating the market’s volatility and the shifting sentiment among traders. The recent decline has not only resulted in a drop from the October 6 all-time high of $126,000 but has also led to widespread liquidations in the derivatives market, wiping out over $1.19 billion in long positions in the last 24 hours alone.
The market is on edge, particularly with Bitcoin dropping below the crucial $105,000 level. Analysts are closely observing this situation, noting that failure to reclaim the $105,000 to $107,000 zone could usher in a more severe correction toward the psychological barrier of $100,000. Popular trader Jelle highlighted this concern, marking $100,000 as a critical line of defense that bulls must uphold to prevent further downturns.
The heavy selling by longtime holders has been categorized distinctly in market analytics—with some outflows reaching as much as $500 million. Recent data revealed interactions from a prominent whale dubbed “Owen Gunden,” who transferred 3,600 BTC, roughly equivalent to $372 million. This notable conversion included depositing 500 BTC to the Kraken exchange, with expectations that the remaining balance will follow shortly.
At the same time, the market seems to be experiencing liquidations from overleveraged positions, with significant amounts eradicated across various platforms. For instance, the single largest liquidation was a $47.87 million BTC-USDT long closed on HTX. Additional market data indicated a 4% drop in Bitcoin’s futures open interest across all exchanges, signaling traders’ wariness about the potential for further price reductions.
As this turbulent period unfolds, various analysts continue to scrutinize Bitcoin’s market structure, particularly its current bear pennant formation. A break below the support line at $100,650 could lead to prices declining as low as $89,600, marking a 12% decrease from current levels. To avoid descending into this bearish trend, experts assert Bitcoin must close the week above the 50-week EMA, which currently stands at $100,900.
In summary, the ongoing activity among Bitcoin’s oldest holders and the resulting market reaction exemplify the inherent volatility of cryptocurrencies. As trading dynamics shift and as large volumes of BTC are offloaded, investors and analysts alike are left navigating a market characterized by uncertainty and potential for further price movements.
