Bitcoin’s Dilemma: Whale’s $438M Dump or a Bullish Uprising? 🐋💰

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Key Takeaways

The price has taken a tumble, and BTC has lost a crucial support level. Yet, amidst the gloom, Bitwise whispers that institutions are clamoring for Bitcoin with a fervor that would make a Victorian society matron blush.

For over two weeks, BTC has been on a downward spiral, shedding 13% of its value. The bearish trend persists, as if the market has caught a cold. 🐻‍❄️

Based on its price action and recent whale activity, the asset appears likely to extend its downtrend in the coming days. A veritable rollercoaster, if you’ll pardon the metaphor. 🎢

Rising trading volume 

At press time, BTC hovered near the $108,500 level, having recorded a 1.65% decline in the past 24 hours. A valiant effort, but the bear is on the prowl. 🐻

Despite the ongoing price drop, participation from investors and traders continued to increase, resulting in a 15% surge in trading volume. A paradox as perplexing as a butler with a secret life. 🕵️‍♂️

This increase in trading volume during a price decline signals strong downside momentum for the asset. A tale of two markets, if you will. 📉

Whale offloads $438 million in BTC, time to sell?

On the 30th of August, blockchain-based transaction tracker Lookonchain found that a whale dumped 4,000 BTC worth $438 million in two transactions of 2,000 BTC each, carried out within a span of 12 hours. A spectacle of financial acrobatics, if ever there was one! 🐋

This is not the only activity the whale has engaged in. The post on X also revealed that over the last 24 hours, this whale has been dumping BTC holdings in exchange for ETH. A strategic move, or a case of buyer’s remorse? 🤔

According to recent data, the whale had purchased 49,850 ETH worth $219 million, and continued to accumulate ETH on the spot market. So far, this crypto whale has added 691,358 ETH, valued at $3 billion. A man of considerable means, no doubt. 💸

The potential reason behind this BTC dump and ETH accumulation is not yet known, but it appears the whale is following the current trend. Or perhaps it’s just a very well-dressed bear. 🐻

Institutions’ Bitcoin demand

Looking at this dump, you may think of selling BTC holdings due to the belief in further downside momentum. But wait, recently, Bitwise, an asset management firm, shared a report revealing that Bitcoin’s demand is significantly rising as global interest continues to grow. A bullish whisper in a sea of pessimism. 📈

Since the beginning of 2025, institutions have purchased 690,710 BTC compared to only 109,072 BTC mined by miners. This indicates that institutional demand for Bitcoin is six times higher than the supply. A triumph of the many over the few! 🎉

When combining the whale activity with the Bitwise report, it appears that Bitcoin might be in a short-term downtrend, but the long-term outlook remains bullish. A dance of two steps forward, one step back. 🕺

The data further reveals that in 2024, institutions purchased 913,006 BTC, while only 217,771 BTC were mined. During that year, BTC’s price surged over 150%, which explains the strong long-term trend. A tale of triumph, if you’ll pardon the hyperbole. 📈

Bitcoin: Key levels to watch

AMBCrypto’s technical analysis reveals that BTC has lost its key support at the $110,000 level on the daily chart. It also closed a daily candle below this level, suggesting potential preparation for further downside momentum. A bear’s dream, perhaps? 🐻

However, there is another support at $107,490, which could still hold BTC’s price from falling further. A lifeline, if you’ll indulge the metaphor. 🧢

Based on recent price action and historical patterns, if the downside momentum continues and the price fails to hold this local support, another 7.5% dip could be possible. A cliffhanger, if you will. 🎬

If that happens, BTC’s price may drop to the $100,000 mark. A level as elusive as a well-timed joke. 🎩

At press, the technical indicator Supertrend has turned red and is moving above the BTC price. This suggests that Bitcoin is in a downtrend with strong downside momentum. A grim outlook, but not without its charm. 🎭

Whereas, the asset’s Relative Strength Index (RSI) stands at 38, which hints at bearish market sentiment and that BTC is nearing the oversold territory. A state of affairs as delicate as a porcelain teacup. 🍵

BTC major liquidation levels 

Given the current market sentiment, it appears that traders are following the broader trend. A herd mentality, if you’ll forgive the metaphor. 🐑

According to on-chain analytics firm CoinGlass, BTC’s major liquidation levels are at $107,261 on the lower side and $109,592 on the upper side. A tightrope walk, if you will. 🎭

These are not just key levels, as traders at these points are over-leveraged, holding $664 million worth of long positions and $1.06 billion worth of short positions. A high-stakes game, indeed. 🃏

So, bears are currently dominating the asset, and a fall below the $107,261 level could trigger a sharp decline. A bear’s paradise, perhaps? 🐻

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2025-08-31 10:08