Dormant Bitcoin Whales Awaken, Unleash Massive Sell-Off
Bitcoin’s long-dormant whales have reactivated, moving and selling significant holdings for the first time in years. On-chain data from CryptoQuant shows that these early investors dumped roughly 185,000 BTC between August and October, even as Bitcoin prices rose past $123,000. Since November, whale balances have partially rebounded to around 294,000 BTC, indicating both selling and renewed accumulation in the cycle. Today, Bitcoin trades near $106,000 after a 5% intraday gain. The resurgence of old Bitcoin supply serves as a key on-chain signal, reflecting mixed sentiment: short-term selling pressure from legacy holders versus continued long-term accumulation.
Bearish
The resurgence of old Bitcoin supply through large-scale whale selling increases available market liquidity and typically exerts downward pressure on price. Historical cycles show that when dormant whales offload substantial holdings, short-term bearish sentiment intensifies as traders anticipate further declines. Although some accumulation resumes, the net sell-off from legacy investors signals caution. In the short term, rising selling pressure may cap gains and trigger volatility. Over the long term, continued whale accumulation could stabilize prices, but immediate market reaction is likely negative due to the sheer volume hitting exchanges.