Bitcoin Under Bearish Pressure After Giant Whale Sell-Off
Bitcoin fell to multi-week lows near $110,000 following a large whale distribution that unlocked 22,769 BTC. The entity rotated proceeds into Ethereum, purchasing 472,920 ETH spot and opening a 135,265 ETH long on Hyperliquid. The sell-off triggered $640 million in liquidations, spurring renewed debate over a $100,000 retest. On-chain data reveals smaller hodlers (<10 BTC) continue to accumulate, while mid-tier holders (10–100 BTC) shift to profit-taking. Whale distribution remains dominant but is easing as price retreats. Market participants point to a significant CME futures gap and a looming Fed PCE inflation report, both likely to influence near-term volatility. Some traders anticipate a fill of the CME gap at $110,000, while others warn of a deeper retracement. Technical analysis highlights a potential head and shoulders pattern, fueling concerns that the bull run may have peaked. Upcoming Fed rate-cut bets and Nvidia earnings could further sway risk sentiment. Traders should monitor support around $105,000–$100,000 and on-chain metrics for signs of renewed accumulation or distribution shifts.
Bearish
The large whale sell-off of over 22,700 BTC triggered significant liquidations and downward pressure on Bitcoin. Historically, sizeable profit-taking by long-term holders precedes a market correction, as seen in previous cycles when major wallets offloaded at peaks. The rotation into Ether underscores a temporary shift in capital flows within the crypto market. With Bitcoin dipping to around $110,000 and technical indicators signaling a head and shoulders reversal, short-term sentiment is bearish. Market liquidity below current levels is weak, raising the risk of a swift move toward $100,000. However, continued accumulation by smaller hodlers may offer support over time. Anticipation of the Fed’s PCE inflation report and potential rate cuts adds macro uncertainty. In the short term, traders should brace for further volatility and downside tests of critical support. Over the long term, sustained on-chain accumulation by retail and smaller investors, combined with monetary easing expectations, could stabilize Bitcoin and set the stage for a renewed uptrend once distribution abates.