- 1.6M BTC addresses hold at $97,200, creating strong resistance as investors may sell to minimize losses.
- Whales offloaded $142B in BTC since 2023, yet Bitcoin’s price has risen, showing strong market absorption.
- BTC exchange outflows dominate since April 2023, indicating long-term accumulation and reducing tradable supply.
According to IntoTheBlock, 1.6 million Bitcoin addresses acquired 1.57 million BTC at an average price of $97,200. These holders are currently at a loss, forming a strong resistance level near this price.
1.6 million addresses that historically acquired 1.57 million BTC at an average price of 97.2k are now forming a resistance level.
— IntoTheBlock (@intotheblock) February 12, 2025
Currently at a loss, these holders may sell near their breakeven amid market uncertainty, adding selling pressure and complicating any clear upward… pic.twitter.com/Zw7VeFTOLY
If BTC approaches this breakeven point, these investors may sell to minimize losses. This potential selling pressure could make an upside breakout more challenging, especially because of the ongoing market uncertainty.
This resistance aligns with Bitcoin’s broader price trends. Historically, when many holders face break even conditions, selling activity increases. This trend has been observed in past market cycles, where price levels aligning with large acquisition zones often act as barriers. If Bitcoin remains below $97,200, further consolidation could follow before any significant price movement.
$142B Sold in BTC but Price Keeps Rising
CryptoQuant founder Ki Young Ju noted that large Bitcoin holders, or whales, have offloaded $142 billion worth of BTC since 2023. Despite this selling pressure, Bitcoin’s price has continued to rise.
The data shows that whales with holdings between 1,000 and 10,000 BTC have consistently realized profits, taking advantage of price rallies. Meanwhile, entities with over 10,000 BTC have executed fewer but larger sales.
These sales correspond with previous market peaks, suggesting that major BTC movements often happen during rallies. In 2017 and 2021, realized profits spiked as Bitcoin reached all time highs.
A similar trend happened in 2024, with whales again offloading large amounts. This selling activity did not immediately reverse the upward trend, as demand continued to absorb supply. However, further whale profit taking could introduce short term volatility.
BTC Exchange Flows Show Strong Accumulation
According to data from Coinglass, BTC spot inflows and outflows show that Bitcoin has had strong accumulation. Outflows, where BTC is moved from exchanges to private wallets, have dominated since mid April 2023.
This pattern suggests long term holding behavior, reducing the available supply for trading. As a result, Bitcoin has maintained a steady uptrend, reaching a recent high of $116,570. However, periodic spikes in exchange inflows have indicated moments of increased selling.
Inflows of $600 million to $900 million occurred in November and January, leading to price consolidations. In December, large daily outflows exceeding $300 million reinforced bullish momentum, supporting Bitcoin’s rally.
If outflows continue to outweigh inflows, BTC could maintain its upward movement. On the downside, a shift to sustained positive netflows may indicate rising sell pressure, potentially leading to a price correction.
Overall, the market remains highly active, with large holders influencing Bitcoin’s price movements through profit taking and exchange flows. While BTC has shown resilience against whale selling, resistance levels and future inflows will determine whether the rally sustains or faces short term corrections.
