Bitcoin Stays Above $111k as Whales Dump 115,000 BTC in August

TL;DR

• BTC is up by less than 1% and is still trading above $111k per coin.

• Bitcoin whales sold around $12.7 billion of Bitcoin in August, contributing to the recent price dip.

Whales Dump 115k BTC Last Month

Analysts at CryptoQuant revealed that Bitcoin whales offloaded around $12.7 billion (115,000 BTC) of Bitcoin in August, with further sales expected to put pressure on the world’s leading cryptocurrency.

In their report, the analysts stated that the sell-off was the largest seen since mid-2022. Over the last 30 days, whale reserves have fallen by more than 100,000 Bitcoin, “signaling intense risk aversion among large investors.” The report added that,

“In the last thirty days, whale reserves have fallen by more than 100,000 BTC, signaling intense risk aversion among large investors. This selling pressure has been penalizing the price structure in the short term, ultimately pushing prices below US$108,000.

At this time, we are still seeing these reductions in the portfolios of major players, which may continue to pressure Bitcoin in the coming weeks.”

The analysts predict that the sell-off might continue to put pressure on Bitcoin over the coming weeks. Bitcoin is currently trading above $111k, up 3% over the last seven days. It is also down 10% from the all-time high price of $124,457 created last month.