Bitcoin’s (BTC) richest players are cashing out near the top, sparking fears of a deeper correction toward the $100,000 level.
Veteran Bitcoin Whale Dumps $2.59 Billion in BTC
Sunday’s sudden $4,000 price dive, triggered by a whale unloading a seven-year-old stash, underscored the scale of profit-taking now underway.
The entity in question rotated roughly 22,769 BTC ($2.59 billion) into Ether, buying 472,920 ETH ($2.22 billion) spot and even opening a $577 million ETH long, according to Arkham data relayed by Lookonchain.
With an estimated $11.4 billion in BTC still on hand, the whale is sitting on a 1,675% profit margin.
At the broader level, Glassnode reports that all Bitcoin cohorts—from sub-1 BTC holders to billionaires controlling over 10,000 BTC—have flipped decisively into distribution.
The heaviest selling pressure comes from the 10–100 BTC cohort, typically tied to high-net-worth investors and early crypto funds.
“The uniformity across cohorts highlights broad sell-side pressure emerging in the market,” Glassnode noted.
Bitcoin Price Forecast
Every new Bitcoin analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Bitcoin forecastsBREAKING:
BLACKROCK IS SELLING BITCOIN AGAIN.
IT HAS TRANSFERRED 1,703 $BTC WORTH $189 MILLION ON COINBASE JUST NOW. pic.twitter.com/jnDdY5mgev
— Ash Crypto (@Ashcryptoreal) August 25, 2025
94% of Bitcoin Holders in Profit: A Warning Signal
Adding to the caution, onchain data shows that over 94% of Bitcoin entities are currently in profit, a level that has historically coincided with cycle tops.
Glassnode data highlights that each time profitability neared saturation in past bull runs, Bitcoin faced double-digit drawdowns as investors rushed to lock in gains.
While today’s macro backdrop differs, the psychology of mass profitability remains a powerful force.
So many wallets now sit on hefty unrealized gains. Therefore, the temptation to sell into strength could amplify downside risks.
Rising Wedge Breakdown Risks Sending Bitcoin to $94,000
Bitcoin’s latest pullback has confirmed a breakdown from a rising wedge pattern, a bearish setup often preceding sharp declines.
The move places BTC at risk of extending losses toward the 0.618 Fib retracement near $94,500, with further downside potential to $91,600, a key horizontal support.
The breakdown aligns with weakening RSI momentum, suggesting bulls are losing control. If selling pressure accelerates, the wedge could mark the beginning of a deeper correction phase, validating warnings from onchain metrics as mentioned above.
What Could Change This View
The bearish wedge outlook could be invalidated if Bitcoin reclaims the 20-day EMA near $115,500 with strong volume, turning it back into support.
Sustained ETF inflows or renewed institutional demand could also counteract whale distribution, absorbing sell-side pressure. Additionally, macro catalysts such as a dovish Federal Reserve shift or improving liquidity conditions could reignite bullish momentum.
If these factors converge, BTC may recover above the wedge’s upper boundary near $120,000, flipping the current breakdown into a bear trap and setting the stage for a retest of all-time highs.
