Bitcoin’s big players, the “whales,” are holding less Bitcoin than they have in six years. This is raising some serious questions about where the price is headed.
Whale Holdings at a Six-Year Low
Data from IntoTheBlock shows that the total amount of Bitcoin held by whales (those holding at least 0.1% of all Bitcoin) has plummeted to 2019 levels. This comes at a time when Bitcoin is struggling to stay above $90,000, bouncing around between $85,000 and $90,000 for the past week.
Whales Are Selling More Than Buying
The net flow of Bitcoin among whales has taken a huge hit. They’re selling way more than they’re buying. Over the last week, whale net flow dropped by a whopping 85.78%, and over the last month, it’s down 70.22%. This isn’t a good sign; it suggests big investors are losing confidence.
What This Means for Bitcoin’s Price
Bitcoin is currently trading around $86,000. While it hasn’t seen a massive drop recently, this could be a temporary lull before a bigger fall. Attempts to push the price above $90,000 have failed, and even the launch of a new US crypto reserve hasn’t helped.
If whales keep selling, it’s unlikely Bitcoin will break through the $90,000 resistance level. Instead, we might see a deeper drop, potentially towards $82,000 or even $78,000.
Technical Indicators Flashing Red
Adding to the bearish outlook, a “death cross” has appeared on Bitcoin’s chart. This happens when the 50-day moving average crosses below the 100-day moving average – often a sign of further price declines. Unless buying pressure picks up significantly, this could signal more trouble ahead.
