The sales volume of Bitcoin whales has reached a maximum since July 2022.

In the last month, large holders of digital gold sold over 115,000 BTC for $12.7 billion — a record high since July 2022. This was indicated by CryptoQuant analyst under the pseudonym caueconomy.
According to him, such dynamics indicate a "strong caution among large investors." The peak of the sell-off occurred on September 3, with whales liquidating over 95,000 BTC in a week — the highest since March 2021.

Due to selling pressure, the price of Bitcoin briefly dropped below $108,000.

"We continue to observe a reduction in the portfolios of major players, which may continue to put pressure on the first cryptocurrency in the coming weeks," they stated.

At the beginning of the month, CEO of Bitcoin Magazine David Bailey accused two whales of "slowing down" digital gold.

At the time of writing, Bitcoin is trading at around $112,800. Its price has increased by 0.5% over the past 24 hours.
The director of LVRG Research, Nik Rak, noted that institutional investors and demand from ETFs "counteract the sell-offs." They support the stability of the market, preventing the first cryptocurrency from dropping below current values.

According to him, the actions of whales limit the short-term growth of the bitcoin rate. The fundamentals remain strong, Rak emphasized.

"Traders should monitor whether institutional support during pullbacks will outweigh the pressure from whales, although ultimately macroeconomic triggers — such as the Fed's rate decision in September — may set the overall market direction," he added.

Last week, exchange-traded funds based on digital gold attracted $246 million. Public companies continued to accumulate cryptocurrency but slowed the pace.
The Fed rate cut will not lead to a rally.

On September 17, a meeting will take place, during which the regulator will make a decision regarding the key rate. Market participants assess the probability of easing monetary policy at 100%.
According to some experts, a rate cut could trigger a sharp rise in Bitcoin in the next quarter. Others are not sure about the start of a potential rally and the cryptocurrency hitting a new historical maximum.

"The US employment report has indeed strengthened expectations for a more accommodative monetary policy from the Fed, which typically supports risk assets like Bitcoin. However, the market has already partially priced this in. We are seeing profit-taking by institutional players, and flows into ETFs remain relatively low," noted BTC Markets analyst Rachel Lucas in a comment to The Block.

She added that the combination of these two factors restrains Bitcoin's upward momentum.

The Chief Investment Officer of Kronos Research, Vincent Liu, agrees that even with a rate decrease, the price of the first cryptocurrency may remain under pressure.

"Without stronger inflows into exchange-traded funds or real liquidity expansion, the level above $120,000 remains a difficult barrier," he emphasized.

"As long as Bitcoin remains above this level, the market structure remains constructive. Resistance is at $113,400; subsequent levels are $115,400 and $117,100. A breakout of these barriers would mean that the market has absorbed the recent selling pressure and is ready to retest the highs," she explained.

In addition to the FOMC meeting, analysts also recommended paying attention to other factors:

"From the perspective of blockchain metrics, we see that the volume of stablecoins is close to a record high, creating "dry powder" for potential growth. At the same time, the reserves of Bitcoin and Ethereum on exchanges are decreasing, which reduces short-term selling pressure," said Lucas.

Among external factors, it highlighted regulatory changes, including the work of the SEC and CFTC on unified rules for the crypto market.

Recall that the bitcoin trader pointed out a bearish trap "in the style of 2024." He noted that the first cryptocurrency is preparing for a "serious short squeeze."