Bitcoin Whales Dump 115,000 BTC in Largest Sell-Off Since 2022

Bitcoin whales have triggered shockwaves across the market, unloading more than 115,000 BTC — worth nearly $12.7 billion — in August. According to on-chain data, this marks the largest Bitcoin whale sell-off since mid-2022, sparking concerns of renewed selling pressure just as BTC tested new all-time highs. The mass liquidation sent Bitcoin prices sliding below $108,000, erasing recent gains and fueling volatility across crypto markets. Analysts warn that the sell-off reflects a shift in investor sentiment, raising questions about whether institutional demand can offset whale-driven selling.

Whale Activity and On-Chain Data

On-chain firm Glassnode reported whales sold 114,920 BTC in August, worth about $12.7 billion. This is the largest monthly outflow since June 2022, when the Terra collapse rocked markets. Data shows large holders reduced balances throughout August, signaling aggressive profit-taking. Analysts note this divergence from smaller wallets, which continued accumulating BTC. The whale outflows confirm a short-term supply shock that helped trigger price weakness.

Related: Bitcoin Whales Push BTC Below $109.5K Ahead of Key US Inflation Report

Bitcoin Price Reaction

The sell-off pushed Bitcoin below $108,000, erasing momentum from recent highs. Panic selling spread, and volumes jumped across major exchanges. Analysts called the move a bearish signal, with liquidations of leveraged positions intensifying volatility. Small rebounds appeared intraday, but sentiment stayed weak. Until whale activity slows, Bitcoin’s short-term outlook remains fragile, leaving investors braced for further swings.

Why Are Whales Selling?

Analysts link the whale dump to profit-taking at all-time highs and rising regulatory uncertainty. With U.S. policy unclear and global liquidity tightening, many whales shifted into cash, stablecoins, or gold. The sell-off reflects a broader risk-off sentiment among big players. For smaller investors, the move shows how whales often act early, protecting gains before retail reacts. Understanding these shifts is critical for anyone trading Bitcoin during volatile cycles.

Institutional Buying vs Whale Selling

While whales were reducing exposure, institutional investors continued accumulating Bitcoin through ETFs and custody platforms. Data shows steady inflows into U.S.-listed Bitcoin ETFs in August, highlighting long-term demand despite short-term volatility. Analysts say this creates a tug-of-war: whale selling drives prices down, but institutional buying offers a cushion against deeper crashes. 

The debate now centers on whether ETF demand can absorb large-scale whale exits. Some experts believe long-term fundamentals remain bullish, while others caution that until whale outflows stabilize, institutional inflows alone may not prevent further weakness in the Bitcoin price outlook.

Market Outlook 

Bitcoin’s near-term outlook remains volatile after the whale-driven sell-off. Analysts highlight key support at $105K–$107K and resistance near $112K. Traders are advised to use caution, avoid heavy leverage, and track whale activity for early signals. While short-term pressure is clear, long-term factors like adoption and the halving cycle suggest Bitcoin’s broader trend is still intact for patient investors.

The whale-driven sell-off is a reminder that large holders still control Bitcoin’s short-term moves. While ETF demand supports the long-term case, investors should prepare for more volatility until whale outflows stabilize

FAQs

Why did Bitcoin whales sell 115,000 BTC?

Whales sold over 115,000 BTC in August mainly for profit-taking at all-time highs and to reduce exposure amid regulatory uncertainty. Some shifted funds into stablecoins, cash, or gold, reflecting a risk-off approach during volatile market conditions.

What does a whale sell-off mean for Bitcoin price?

Large whale sell-offs create selling pressure, pushing prices lower and triggering liquidations on exchanges. The August sell-off dropped Bitcoin below $108K, showing how whale activity can quickly shake market confidence, even if smaller investors continue to accumulate.

Can institutional buying offset whale selling?

Institutional inflows, including Bitcoin ETFs, provide long-term demand that can cushion whale exits. However, analysts warn ETF demand may not fully absorb short-term whale dumping, leaving Bitcoin vulnerable to volatility until selling pressure eases.