Whales continue to transfer large amounts of Bitcoin, reaching a four-year high. Is the market facing pressure for a pullback to $90,000?

In 2025, after Bitcoin hit a historic high, there were significant extreme fluctuations. According to data from multiple on-chain analysis firms, OG Bitcoin holders, known as pro and whales, are gradually cashing out, with amounts reaching hundreds of millions of dollars. This trend has raised concerns in the market about the future direction of Bitcoin, and several data analyses indicate it could lead to a pullback in Bitcoin's price, potentially falling to 90,000 USD.

The price has fallen nearly 20% from its peak, testing investors' confidence.

Bitcoin (BTC) is currently down about 18.7% from the high of $126,000 set on October 6, 2024. Analysts point out that this pullback is partly a technical correction in a bull market, but there are also views that the concentrated selling by long-term holders is exacerbating the market's selling pressure.

On-chain data reveals an increase in pro activities.

Charles Edwards, founder of Capriole Investments, announced on X that on-chain data shows that whales holding Bitcoin for more than seven years have recently significantly increased their activity. These “OG” accounts typically only make moves at market peaks, and their actions are often seen as a sentiment indicator for the market.

The amount of the sell-off reached hundreds of millions of dollars, and the on-chain chart colors are “exceptionally rich.”

The chart shared by Edwards uses colors to indicate different scales of sell-offs: orange represents a movement of funds at the level of 100 million USD, while red represents sell-offs exceeding 500 million USD. From the chart, it can be seen that selling activities have gradually heated up since November 2024, with a significantly expanding trend entering 2025. He described this year’s chart as “very colorful,” implying that the scale of sell-offs is much larger than in previous years.

Thousands of Bitcoins transferred every hour, frequent on-chain activity.

According to Glassnode's statistics, since the beginning of this year, the frequency of large Bitcoin transfer events has significantly increased, with an average of over 1,000 Bitcoins moved from long-term holder addresses every hour. While not all of these transactions necessarily flow into exchanges, their scale is sufficient to impact market sentiment.

The actions of veteran whales attract attention, with some funds flowing to exchanges.

The on-chain analysis platform Lookonchain recently pointed out that an investor known as a “Bitcoin OG holder” Owen Gunden transferred 3,600 Bitcoins in one go last weekend, worth about 372 million USD, of which about 500 Bitcoins (worth approximately 51.68 million USD) were deposited into the Kraken exchange. This action has sparked market speculation, suggesting it may signal a larger-scale sell-off.

Selling off does not necessarily equal dumping; analysts emphasize safety and custody factors.

However, there are also views that hold a more cautious perspective. On-chain analyst Willy Woo believes that the so-called “pro sell-off” does not necessarily represent actual selling pressure. He points out that some long-term unutilized Bitcoins being transferred may be for the purpose of enhancing security, such as moving funds to wallet addresses with encryption protection or rotating custody institutions. In addition, some Whale transfers may also be related to internal asset restructuring of companies or funds, rather than selling behavior.

The technical analysis shows the “bearish triangle flag” which may indicate further decline.

Nevertheless, the market's technical indicators still show potential risks. According to data from Cointelegraph Markets Pro and TradingView, Bitcoin is currently in a pattern known as a “bearish triangle flag”. This is a common consolidation pattern that occurs in a downtrend, usually indicating that prices may continue to decline after a brief consolidation.

The support line is crucial; a break below it may point to eighty-nine thousand dollars.

If Bitcoin falls below the support zone of 106,650 USD, analysis models from Cointelegraph Markets Pro and TradingView estimate its next potential target price at 89,600 USD, a drop of about 12% from current levels. Market observers point out that Bitcoin's closing price this week is crucial. If the price can stabilize above the 50-week moving average (currently at 109,000 USD), short-term downside risks may ease; conversely, if it falls below that level, the market may retest 92,000 USD or even lower.

Are long-term investors' behaviors dominating the market rhythm again?

Looking back at history, Bitcoin has gone through multiple bull and bear cycles, and the behavior of long-term holders often has a significant impact on price trends. These investors usually possess rich market experience and capital advantages, and their selling actions may reflect a strategy of taking profits or represent a cautious attitude towards the market outlook.

The market remains resilient, and short-term fluctuations are inevitable.

As of now, the market still shows a certain level of resilience. Despite intensified short-term fluctuations, the overall trading volume has not sharply declined, indicating that investors are still watching the subsequent trends. Analysts generally believe that if the macroeconomic environment remains stable and the Bitcoin halving effect continues to brew, the long-term upward trend still has support. However, under the circumstances where the “big brothers” frequently move their funds, the Bitcoin price is likely to experience deeper shocks and corrections in the short term.

This article discusses how whales continue to transfer large amounts of Bitcoin, reaching a new high in four years. Is the market facing pullback pressure to $90,000? Originally appeared in on-chain news ABMedia.