Bitcoin whales are dumping again! BTC has fallen below 116,000 US dollars, and the massive transfer of Ethereum has caused a stir.

The price of Bitcoin (BTC) has once again faced resistance at the resistance level of $116,000, partly due to large-scale dumping by long-silent Whales. According to on-chain data, this veteran Whale, who has held coins for over eight years, sold $4 billion worth of BTC for Ethereum (ETH) last month, and this week transferred over $136 million worth of Bitcoin to the platform and began to sell, putting pressure on market sentiment.

Whale Movement: From BTC to ETH and then to sell

(Source: Arkham)

The on-chain monitoring organization Lookonchain pointed out that two Bitcoin addresses linked to long-term holders deposited 1,176 BTC (approximately 136 million USD) into Hyperliquid on Sunday and began to sell.

In the second half of August: the Whale exchanged 35,991 BTC (worth over 4 billion USD) for ETH.

ETH/BTC ratio: currently at 0.0401, up 6% over the past month, but still well below the historical high of 0.14 in 2017.

If the Whale were to exchange ETH back to BTC at this time, it would incur a loss of about 460 BTC (approximately 53 million USD).

BTC price performance: resisted at 116,000 USD

As of September 15, BTC is at 115,500 USD, with a daily high of 116,182 USD and a low that fell below 115,000 USD.

Resistance level: $116,000 (first reached since August 23)

Compared to the high point: down about 7% from the peak of $124,000 on August 14.

Technical indicators show that BTC needs to maintain a daily closing price above 116,000 USD to have a chance to challenge 120,000 USD; otherwise, it may retest the 50-day EMA (approximately 113,416 USD).

Other Whale Wallet Movements

Recently, more than one Whale has taken action:

A wallet that hasn't moved for 13 years: holding nearly 445 BTC, transferred part of the funds to Kraken last Thursday.

The dormant wallet from late 2012: holding nearly 480 BTC, transferred for the first time in early September, suspected of changing addresses.

The awakening of these long-term dormant wallets is often interpreted by the market as a potential selling pressure signal.

Conclusion

Bitcoin is facing resistance at the $116,000 mark, coinciding with a long-term Whale selling and the transfer of funds from multiple dormant wallets, putting short-term pressure on the market. Although the overall trend remains bullish, if the selling pressure continues, BTC may retest lower support levels. Traders need to closely monitor large on-chain transfers and resistance level breakthroughs to determine the next movement.