Bitcoin’s momentum is faltering as large holders cut exposure and institutional inflows dry up, leaving the asset at a critical juncture near $110,000.
Whale sell-offs hit two-year high
Data from CryptoQuant analyst Caueconomy shows the steepest wave of whale liquidations since 2022. Over the past 30 days, whale reserves have fallen by more than 100,000 BTC—worth around $11.1 billion at current prices—highlighting waning confidence among major investors.
“This wave of selling has been putting significant pressure on Bitcoin’s short-term price structure, dragging it below $108,000,” Caueconomy explained.
According to the analyst, whales continue trimming their holdings amid broader market uncertainty, and the trend is not yet over. Current whale portfolios remain in decline, suggesting that sustained sell pressure could keep weighing on Bitcoin in the coming weeks.
Adding to the bearish backdrop, analyst Maartun reported on Monday that long-term holders offloaded 241,000 BTC—one of the largest disposals since early 2025. The scale of this move implies that even seasoned investors are beginning to secure profits or cut exposure.
Institutions turn cautious despite record reserves
Institutional activity is also cooling. While Bitcoin treasuries have reached an all-time high of 840,000 BTC in 2025, growth has slowed sharply. Data from CryptoQuant shows that Strategy, the largest institutional holder with 637,000 BTC, has cut back on purchases—from 134,000 BTC in November 2024 to just 3,700 BTC in August 2025.
Other firms followed the same pattern, buying only 14,800 BTC in August compared to a 2025 peak of 66,000 BTC. Although transaction counts remain elevated, purchase sizes are shrinking. Strategy’s average deal size has dropped to 1,200 BTC, while peers averaged just 343 BTC—an 86% decline from earlier this year.
The pullback highlights a more cautious stance, with institutions still present but scaling back due to possible liquidity constraints and market uncertainty.
Technicals show range-bound momentum
At press time, Bitcoin trades at $111,134, according to crypto.news data, down more than 10% from its record high of $124,128. The asset has been consolidating between $110,000 and $115,000 as bullish momentum fades. Technicals reinforce the indecision: the Average Directional Index (ADX) sits at 16.10, pointing to a weak trend consistent with sideways action.
BTC must overcome $115,000 to continue the bullish trend, with $120,000 or $125,000 as potential targets. Conversely, a decline below $110,000 can pull BTC to the $105,000 mark once again.
