Bitcoin Faces September Challenge Amid Largest Whale Distribution in Two Years
Bitcoin (BTC) is currently just under $112,000 as traders react to a significant whale sell-off. Key points include:
- Over 100,000 BTC, valued at approximately $12.7 billion, has exited major wallets in the past month.
- This sell-off is the largest distribution this year, with whale reserves dropping by 114,920 BTC.
- The market saw spot prices dip below $108,000 last week, similar to July 2022's trends.
- Despite recent volatility, Bitcoin is only down 13% from its mid-August all-time high of $128,000.
- The one-year moving average has increased from $52,000 to $94,000, indicating a potential structural uptrend.
- Bitcoin’s illiquid supply reached a record 14.3 million BTC, suggesting strong long-term confidence.
- Price stabilization is expected in the $105,000–$118,000 range, supported by ETF flows.
Ethereum is trading around $4,307, with projected price movements between $4,100 and $4,600 if ETF demand persists. Other cryptocurrencies such as XRP, Solana, Dogecoin, and Cardano have shown modest gains.
Market sentiment remains cautious, with total crypto market capitalization at $3.85 trillion, still below its 50-day average. U.S. inflation data due midweek could significantly impact Bitcoin and Ethereum prices.