Bitcoin Whales Cover $5.7 Billion Selloff, Pushing Price to New All-Time-High

Bitcoin has risen to a new All-Time-High (ATH) in the past 24 hours, nearly reaching the threshold of $112,000.

This growth follows a positive trend from the beginning of the month, reinforced by "whales" who have maintained their positions despite significant selling activity from other investor groups.

Bitcoin Holders Sell, Whales Hold

The current market sentiment shows that Bitcoin holders are in distribution mode. Small investors, especially those owning 1-10 BTC, have been selling, contributing to increased market supply. This behavior has caused some price volatility.

However, a notable exception is entities holding 1,000 to 10,000 BTC. These "whales" are in accumulation mode, a behavior completely opposite to the widespread selling trend. Their approach is methodical and unemotional, ensuring Bitcoin price stability despite selling from small investors.

Whales have long been a stabilizing force in the Bitcoin market. Unlike small holders who react to short-term fluctuations, large Bitcoin holders typically pursue a strategic, long-term vision.

Their consistency has been key in supporting Bitcoin's value, especially during times when small investors are pushing prices down. As a result, whales have helped prevent significant price drops, providing a stable foundation for recent growth.

This is also reflected in the change in net exchange positions, which tends to influence Bitcoin's macro dynamics. Since the beginning of July, over 52,048 BTC, valued at around $5.7 billion, has been sold to exchanges.

This strong selling pressure would typically push prices down, but the impact was offset by whales maintaining their Bitcoin positions. The net effect of these actions has allowed Bitcoin to maintain an upward trajectory, with optimistic sentiment restored.

BTC Price Reaches New High

Bitcoin price recently reached a new ATH, nearly touching $112,000. This is the first ATH in over a month and a half and has restored investor confidence. Recent price volatility indicates the upward trend continues, with many expecting further profits as Bitcoin builds support at higher levels.

At the time of writing, Bitcoin is trading at $111,183, attempting to maintain $110,000 as a crucial support level. If BTC can hold this level and maintain upward momentum, it may have another opportunity to surpass $112,000 and establish a new ATH. This could be a catalyst for further price increases, with strong expected demand driving the market forward.

However, if investors begin selling aggressively, even whales may not be able to resist selling pressure. If Bitcoin drops below $110,000, it could return to $108,000 or lower. A continuous drop below this level would invalidate the current price increase argument.