Bitcoin’s largest non-exchange holders have shifted $3.37B worth of BTC this month, suggesting they’re selling as liquidity dries up and the $94K level remains a barrier.
Bitcoin Whales Are De-Risking as BTC Struggles at $94K
Bitcoin’s biggest non-exchange holders are pulling back. The group that holds between 10,000 and 100,000 BTC has offloaded or redistributed 36,500 BTC—about $3.4 billion—since December 1, according to Glassnode.
This wave of selling lines up with Bitcoin’s recent inability to break past the $94,000 resistance level after Wednesday’s Fed rate cut. As of early Friday in Asia, BTC was trading around $92,250 (-0.2%).
What the Data Shows
Who’s selling: Entities with 10k–100k BTC, typically large custodians, funds, or early miners.
How much: Roughly $3.37B in selling pressure over just 12 days.
Why it matters: This group has shifted from accumulating to distributing, even as retail traders remain optimistic.
Liquidity Is Drying Up
Market liquidity is thinning out. Stablecoin inflows—a key source of fresh buying power—have dropped 50% since August, according to FX Leaders. That means there’s less new capital available to push Bitcoin above $100,000.
“Bitcoin is trading steadily near $92,000 as markets digest the Fed’s rate cut and its plan to inject liquidity by purchasing $40 billion in Treasury bills each month,” said Akshat Siddhant, Lead Quant Analyst at Mudrex. He added that while the liquidity boost should help longer-term, near-term sentiment is picking up thanks to renewed institutional flows.
In fact, Bitcoin and Ethereum ETFs pulled in over $610 million in the last two days—showing growing confidence. For BTC to move toward six figures, a daily close above $94,140 is crucial, with $90,000 serving as the nearest support.
What Institutions Are Signaling
Here’s the real signal: retail traders are celebrating the “Fed pivot,” but the smart money—the 10k–100k BTC cohort—is using that optimism and liquidity to exit positions.
Their $3.4 billion in sales, combined with the 50% drop in stablecoin reserves, suggests the $88K–$94K range is being treated as a place to distribute, not accumulate.
If Bitcoin loses the $88,000 support level, expect volatility to ramp up.
