Bitcoin Whale Dumps Again as BTC Stagnates at $116K - Here’s What It Means for Your Portfolio
Whale wallets unleash selling pressure as Bitcoin grinds sideways at $116,000—just another Tuesday in crypto land.
Market Moves: Massive Transfers Trigger Volatility Fears
Large holders shift millions worth of BTC to exchanges, signaling potential profit-taking after the recent rally. Trading volumes spike 40% as institutional players reposition—classic whale behavior that makes retail traders sweat.
Technical Standstill: Price Action Flatlines Despite Fundamentals
Network activity holds strong with hash rates hitting new records, yet price momentum stalls. Miners keep stacking sats while traders watch support levels like hawks—because nothing says 'healthy market' like everyone staring at charts waiting for a breakout that may or may not come.
Institutional Paradox: Big Money Buys While Whales Sell
ETF inflows continue unabated even as old-money crypto whales take profits. Wall Street's latest 'digital gold' narrative clashes with crypto-native exit strategies—proving once again that in finance, someone's always taking the other side of your 'sure thing' trade.
Source: Lookonchain
Wallet dumped Bitcoin for Ether
Lookonchain wrote to X on Sept. 1 that the Bitcoin whale it was tracking over the prior two weeks had sold 35,991 BTC, worth over $4 billion at the time, for Ether.
The ETH to BTC ratio has remained relatively flat since, but currently, the whale WOULD lose nearly 460 BTC, worth about $53 million, if they were to swap their ETH holdings back to BTC.
The ETH to BTC ratio has been below 0.05 since July last year and hit its all-time peak in mid-2017 at 0.14. It’s currently at 0.0401, gaining 6% over the past month.
Bitcoin hovers at $116,000 resistance
Meanwhile, Bitcoin has seen resistance at $116,000, a price it reached on Friday for the first time since around three weeks ago on Aug. 23.
Bitcoin has traded flat over the past 24 hours at $115,500, hitting a top of $116,182 and a low of under $115,000, struggling to break well above $116,000.
It’s down 7% from its peak high of over $124,000 on Aug. 14.
Other whale wallets move Bitcoin
The latest Bitcoin whale sales seen by Lookonchain follow other high-value wallets that have sold in the past few weeks.
A wallet that held nearly 445 Bitcoin, which hadn’t made a transaction in almost 13 years, made a transfer on Thursday, sending part of their stash to the crypto exchange Kraken.
Earlier in September, a wallet with nearly 480 Bitcoin also made transfers for the first time since 2012, seemingly only to MOVE their funds to a new address.
