Whales sell off $559 million worth of Bitcoin; will it recover to $74,000?

A Bitcoin whale deposited 8,200 BTC ($559 million) onto Binance in two days, coinciding with a sharp drop in BTC value, indicating that selling pressure from large holders is dominating the short-term trend.

Bitcoin was rejected around $72,000 and then slipped to $65,080 before recovering slightly. Amid thin buying pressure and a risk-off sentiment, money flow and momentum indicators suggest sellers remain in control, increasing the risk of a break below $65,000.

Whale selling pressure increased as BTC was rejected at $72,000.

BTC fell from around $72,000 to $65,080 before recovering slightly, while tracking data showed continuous selling by whales and weakening buying power, increasing the risk of further declines.

After being rejected at $72,000, Bitcoin experienced a sharp decline, hitting a Dip of $65,080 before rebounding to around $66,725. At the time mentioned, BTC was trading around $60,000, down 1.64% for the day.

During periods of market weakness, investor motivation to hold decreases, especially among large investors (whales). When selling pressure persists, capitulation becomes more apparent, making downward volatility sensitive even to relatively small sell orders.

Bitcoin whale Dump $559 million worth of BTC on Binance.

A whale deposited 8,200 BTC worth $559 million onto Binance in two days; previous reductions in this wallet's holdings have typically coincided with BTC price drops, most recently coinciding with a drop of over 3%.

When BTC broke below $90,000 (as described in the original data), whales initially bought in, expecting the price to be unlikely to fall much further. However, as the decline continued, some whales closed their positions, increasing selling pressure.

According to the Whale Trend Analysis Indicator on TradingView, whale selling activity remained stable for two consecutive weeks. When the price fell back below $70,000, whale buying power almost disappeared and sellers gained the upper hand.

on-chain data Chia by Lookonchain indicates that a whale wallet deposited 8,200 BTC ($559 million) into Binance over two days. Following this development, BTC dropped more than 3% to $65,080, reflecting significant downward pressure on price action.

In a downtrend, the consistent tendency of whales to sell or "Short" is often interpreted by the market as a high level of confidence in the bearish scenario, and also indicates that the fear of continued losses leads large positions to prioritize risk reduction.

BTC is stuck in a macroeconomic "risk-off" phase with thin buying demand.

The persistently negative EOM indicator and low MFI suggest that prices are likely to fall even with relatively low volume, as buyers withdraw and liquidation on the demand side is thin, meaning even small selling pressure can push prices down.

Bitcoin is under significant downward pressure as whales sell to reduce risk, further reinforcing the bearish momentum. In this context, BTC consistently remains at a disadvantage compared to the sellers.

The Ease of Movement (EOM) has remained in negative territory for 30 consecutive days, implying that the price tends to slide down "easily" even without a surge in volume. When buying pressure fails to support the declines, sellers can push the price down with little resistance.

At the same time, the thin liquidation on the demand side means that even slight selling pressure can have a significant negative impact. The Money Flow Index (MFI) was recorded at 32, reflecting weak buying power and overwhelming selling pressure.

Price scenario: Risk of breaking below $65,000 and the $60,000 region, or a rebound to $74,000 if the money flow reverses.

If the current structure holds, BTC could break below $65,000 and risk a pullback to $60,000; conversely, buyers (especially whales) need to return to support a recovery and challenge $74,000.

In the current setup, BTC risks further losing the $65,000 mark. Once this level is breached, the $60,000 support zone becomes the next target for the market, as selling pressure is dominant and buying demand is weak.

Conversely, an upward reversal requires renewed momentum from buyers, especially whales. According to Exchange Netflow, during periods of increased net outflow from exchanges (decreasing netflow), BTC often experiences a slight rebound, suggesting demand emerges as the amount of coins on the exchange decreases.

One example cited is BTC recovery after falling to $65,000 with net flow down to -1,400 BTC, indicating buying demand supporting the price. If a similar scenario repeats and buying pressure is strong enough, BTC could ease selling pressure, avoid a deeper decline, and aim to retest the $74,000 resistance zone.

Frequently Asked Questions

What does it mean when a whale deposits 8,200 BTC onto Binance?

Bringing large amounts of BTC onto exchanges is often XEM as a signal of increased selling pressure, as exchanges are places where orders are easily matched. In this data, 8,200 BTC ($559 million) were deposited in 2 days, coinciding with a BTC price drop, leading the market to interpret this as increased supply pressure.

Why is a negative 30-day EOM important for BTC trends?

A prolonged negative EOM indicates that the price tends to fall relatively "easily" relative to the volume, implying weak buying support. When demand is thin, sellers don't need very large volumes to further drive the price down.

What does an MFI level of 32 indicate?

A low MFI reflects weak inflows and selling pressure outweighing buying pressure. With an MFI around 32, the picture leans toward the sellers, increasing the risk of BTC losing support levels if there isn't a return of buying interest.

What price levels are the market paying attention to in this context?

The bearish scenario underscores the risk of breaking below $65,000 and increases the likelihood of a retreat to the $60,000 support zone. The recovery scenario requires a signal of renewed buying to target the $74,000 resistance zone.