Bitcoin Faces Sell-Off Wall at $70,000 as 10-Year Dormant Whale Awakens

▲ Bitcoin (BTC)

Bitcoin (BTC) continues to move sideways around the $70,000 level, while signs of large-scale selling by long-term whale holders are rapidly heightening market tension.

According to a report by Cointelegraph on April 10 (local time), long-term investors who have held Bitcoin for more than seven years moved approximately $271 million worth of BTC over the weekend to realize profits. This marks the largest sale since roughly $280 million in January.

At that time, the market experienced a sharp decline of about 13% due to increased supply, but the situation is different now. Strong buying pressure from institutional investors is supporting the price floor.

On-chain data analytics firm Capriole Investments analyzed that the selling by long-term holders is not merely acting as downward pressure but rather supplying liquidity to the market. In fact, BTC balances on exchanges have fallen to around 4.5 million BTC, forming a supply-constrained structure.

In this process, whale holdings are creating new trading opportunities, with institutional capital absorbing the supply. Experts note that the $70,000 to $72,000 range is currently serving as a key support zone.

Technical indicators are also showing signs of change. According to CryptoQuant, Bitcoin’s short-term Sharpe ratio has dropped to levels similar to past major buying opportunities. This suggests that market overheating has eased and that the asset may be entering a phase of energy accumulation for a renewed upward move.

Spot ETF inflows remain another key pillar supporting the market. Major ETF products, including BlackRock’s IBIT, continue to absorb the supply released by whales, reinforcing downside resilience. Unlike in the past, large-scale sales are no longer directly leading to panic selling.

The market is currently at a crossroads between profit-taking by early investors and inflows of institutional capital. Whether the $70,000 level holds has emerged as a crucial variable determining short-term direction, with investors closely watching both additional whale selling and the strength of institutional buying.

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