He noted this trend reflects “strong caution from large investors.” The peak came on September 3, when whales offloaded over 95,000 BTC in just one week — the most since March 2021.
Selling pressure briefly pushed Bitcoin’s price below $108,000.
“We continue to see large holders reducing their portfolios, which could keep pressure on Bitcoin in the coming weeks,” analysts said.
At the start of the month, Bitcoin Magazine CEO David Bailey blamed two whales for “slowing down” the digital asset.
At press time, Bitcoin trades near $111,200, up 0.5% in the last 24 hours.
Nick Ruck, Director at LVRG Research, noted that institutional investors and ETF demand act as a counterbalance to whale selling, supporting market stability and preventing Bitcoin from falling below current levels.
He added that whales are capping Bitcoin’s short-term growth, but the fundamentals remain solid.
“Traders should watch whether institutional support on dips outweighs whale pressure. Ultimately, macro triggers — such as the Fed’s September rate decision — could set the overall market direction,” Ruck said.
Last week, spot Bitcoin ETFs recorded $246 million in inflows. Public companies continued accumulating BTC, though at a slower pace.
A Fed Rate Cut Won’t Guarantee a Rally
On September 17, the Federal Reserve will announce its decision on the key interest rate. Market participants currently see a 100% chance of monetary easing.
Some experts believe a cut could spark a strong Bitcoin rally in the next quarter. Others doubt it will be enough to push the cryptocurrency to new all-time highs.
“The U.S. jobs report strengthened expectations for a softer Fed stance, which typically supports risk assets like Bitcoin. But the market has already priced some of this in. We’re seeing profit-taking from institutions, while ETF flows remain relatively weak,” ETF Markets analyst Rachel Lucas told The Block.
She added that this combination is limiting Bitcoin’s upside momentum.
Vincent Liu, CIO at Kronos Research, agreed that even with lower rates, Bitcoin could remain under pressure.
“Without stronger ETF inflows or real liquidity expansion, levels above $120,000 remain a tough barrier,” he stressed.