Cryptocurrencies sold bitcoins for a record $ 12.7 billion in a month

Large bitcoin holders BTC $112,208.00 Mezo Wrapped BTC 0.70% Market capitalization $41.54 million VOL. 24 hours $1.27 billion (whales) have sold about 115,000 BTC over the past month, equivalent to about $ 12.7 billion. This is the largest sale since July 2022, according to CryptoQuant analysts.

According to them, the intensive reduction in positions of key players has put serious pressure on the market and lowered the price of BTC below $ 108,000. In the week ending September 3 alone, large wallets moved more than 95,000 BTC, a record high since March 2021.

Although large-scale sales slowed down a bit in the first days of September (about 38,000 BTC per week), experts warn that the pressure may persist for several more weeks. Currently, bitcoin is trading in a narrow range of $ 110,000−111,000.

However, the market is gaining a certain «balance»: while whales are reducing their holdings, institutional investors and ETFs continue to accumulate BTC. This partially compensates for the volatility and supports the long-term stability of the price.

In a broader perspective, the situation looks healthier: since its August high, bitcoin has dropped only 13%, which is much milder than previous corrections. The annual moving average has already exceeded $ 94,000 and, according to analysts, it should reach more than $ 100,000 in October.