Bitcoin whales offload record 115,000 BTC in August

In August, Bitcoin whales sold a record 115,000 BTC worth roughly $12.7 billion — the biggest outflow since July 2022, according to CryptoQuant.

Analysts noted that large holders have continued reducing exposure, with reserves down by more than 100,000 BTC over the past 30 days. This wave of selling pushed the price below $108,000.

The largest weekly outflow occurred on September 3, when whales moved 97,000 BTC — the highest level since March 2021. By September 6, however, weekly outflows dropped to 38,000 BTC, indicating reduced selling pressure.

Bitcoin has since stabilized in a narrow range between $110,000 and $111,000, trading at $112,104 at press time (TradingView data).

Nick Rak, director at LVRG Research, commented that while whale selling caused short-term volatility and liquidations, institutional accumulation and ETF demand created a counterbalance.

Experts stressed that long-term fundamentals remain intact. Bitcoin is down just 13% from its August all-time high, a far smaller drawdown than in previous corrections.

Analyst Dave the wave added: “A year ago the yearly moving average was $52,000. Today it stands at $94,000, and it will surpass $100,000 next month.”