Bitcoin Whales Stack 16,000 BTC as Price Dips to $112K
CryptoQuant data show that Bitcoin whales have accumulated over 16,000 BTC during a recent downtrend, while retail investors sold into weakness and widened the gap between large holders and small traders. In one high-profile move, BlackRock transferred 10,584 BTC (about $1.2 billion) to Coinbase, triggering immediate selling pressure and driving prices down to the key $112,000 support level. Seasonal headwinds in September and an upcoming Federal Reserve meeting—where markets price in an 80% chance of a 25 bp rate cut—add further uncertainty. Technical indicators are mixed: the RSI at 32.90 suggests oversold conditions, but the MACD remains below its signal line, pointing to continued bearish momentum. Traders are now watching whether the $112,000 level holds for a potential rebound or breaks, leading to accelerated downside. The divergence between institutional buying by whales and retail selling underscores the market’s tug-of-war between confidence and fear.
Neutral
The news presents mixed signals. Whale accumulation of 16,000 BTC suggests bullish intent and potential local bottom formation, reinforced by an oversold RSI. However, BlackRock’s transfer to Coinbase and September’s seasonal weakness, coupled with a looming Fed meeting and a negative MACD, add bearish pressure. Similar past instances—where large holders bought into dips but retail capitulation and macro risks kept markets in flux—led to neutral short-term outcomes until clearer macro direction emerged. The market is likely to remain range-bound around $112K support in the near term, with a decisive break determining the next trend.