Bitcoin Whales Unload $12.7B in Biggest Sell-Off Since 2022

Large Bitcoin holders have offloaded more than 115,000 BTC in the past month — a $12.7 billion exit that marks the steepest whale sell-off since mid-2022.

Onchain data from CryptoQuant shows that whale reserves fell by nearly 115,000 BTC over 30 days, with sales accelerating into early September. Analysts say the move reflects heightened risk aversion among major players and has added heavy pressure to Bitcoin’s short-term price action.

The aggressive selling coincided with a sharp dip below $108,000 last week before BTC recovered to hover in a tight $110,000–$111,000 range. Despite the rebound, analysts caution that continued whale distribution could cap upside momentum over the coming weeks.

Whale outflows spiked dramatically at the start of September, with a weekly shift of more than 95,000 BTC — the largest since March 2021. However, the pace has already cooled, with weekly flows dropping closer to 38,000 BTC by Sept. 6.

Not all signals are bearish. Institutional buyers and ETF inflows have acted as a counterbalance, quietly absorbing supply and helping Bitcoin stabilize. “Whale activity may weigh on near-term momentum, but structural demand from corporations and funds has kept the market resilient,” noted Nick Ruck of LVRG Research.

Longer-term charts also look healthier. Bitcoin has corrected just 13% from its mid-August all-time high — far less than historic retracements. The one-year moving average has nearly doubled in the past year, climbing from $52,000 to $94,000, and is expected to cross above $100,000 in October.

While whales may continue trimming positions, analysts argue the bigger picture remains bullish. Whether institutions keep buying dips — and how the Fed’s September rate decision shapes sentiment — will be key drivers of Bitcoin’s next move.