24,000 BTC Whale Sell-Off Drives Bitcoin Below $113K
A long-dormant whale dumped 24,000 BTC (about $2.7 billion) in late August, triggering intense sell pressure on the Bitcoin market. The Bitcoin whale sell-off forced prices down by roughly $4,000, pushing BTC briefly below the $113,000 support zone and testing the $110,500 level. On-chain data show the dormant wallet, untouched for over five years, fully liquidated its holdings and routed coins to exchange addresses.
The sharp decline amplified bearish technical signals, with the Relative Strength Index (RSI) and MACD both indicating downward momentum and limited reversal signs. Market observers noted a rotation of over $2 billion into Ethereum, adding to the downward pressure on BTC. At press time, Bitcoin traded near $111,743 (down 2.8%) and Ethereum around $4,628 (down 3.0%).
Analysts disagree on the seller’s identity and motive. On-chain experts like Willy Woo warn that low-cost basis holders can severely affect supply dynamics. Others suggest the dump may involve multiple large holders. Traders should monitor exchange inflows, on-chain flows, and the $110,000–$113,000 support range for clues on the next market move.
Bearish
The 24,000 BTC whale sell-off created a significant supply shock that drove Bitcoin sharply lower and triggered bearish technical signals on RSI and MACD. Similar large-scale dumps in 2021 and 2022 led to increased volatility and short-term downtrends. The rotation of over $2 billion into Ethereum underlines a shift in trader preference, intensifying BTC sell pressure. In the short term, traders will likely see continued bearish momentum until key support near $110,000 holds. Long term, the event may be absorbed if new buyers step in, but repeated large dumps from low-cost holders could prolong market weakness.