Bitcoin Whale Resumes Massive Sales as Price Struggles at $116,000

A prominent Bitcoin whale is back in action after a brief pause, sparking fresh concerns about downward pressure on the world’s largest cryptocurrency. 

Blockchain analytics platform Lookonchain reported that two wallets, linked to an address that had held Bitcoin for more than eight years, moved 1,176 BTC (worth over $136 million) to the Hyperliquid trading platform on Sunday and began selling.

Whale Selling Pressures the Market

This activity follows the whale’s headline-grabbing trades in August, when nearly 36,000 BTC, valued at more than $4 billion, was swapped for Ether. According to Lookonchain, that earlier selling spree took place over two weeks before the investor temporarily stepped back from the market.

Large, sudden movements by long-term holders often rattle traders, who interpret such activity as a sign of “smart money” exiting. Heavy selling can inject significant supply into the market, making it harder for prices to climb.

Bitcoin Faces Stiff Resistance

The renewed whale activity comes as Bitcoin struggles to break through a key technical barrier. The cryptocurrency has hovered near $115,500 over the past 24 hours, touching a high of $116,182 but failing to sustain momentum above that mark. Bitcoin remains about 7% below its mid-August peak above $124,000.

Meanwhile, the Ether-to-Bitcoin (ETH/BTC) ratio has shown little reaction to the whale’s earlier conversions. Currently around 0.0401, the ratio has gained roughly 6% over the past month but remains far below its all-time high of 0.14 set in 2017. 

If the whale were to convert back to Bitcoin today, they would face an unrealized loss of approximately 460 BTC—around $53 million at current prices.

Other dormant wallets have also stirred. Last Thursday, a separate address that had held nearly 445 BTC for almost 13 years transferred part of its holdings to the crypto exchange Kraken. 

Earlier in September, another long-inactive wallet containing about 480 BTC also made a move, shifting funds to a new address for the first time since 2012. While these whale transactions don’t necessarily signal a market top, their sheer size explains how a handful of investors can influence short-term price action.