Bitcoin Loses Whale Support? Yet History Shows the Price Can Still Rise

Bitcoin price is trading near $89,700, almost flat on the day and down roughly 2% over the past week. On the surface, price action looks weak. Under the hood, something more interesting is happening.

Large Bitcoin holders are quietly stepping back. Whale support is fading, with on-chain data showing sustained distribution over the past few weeks. Yet despite this, Bitcoin has failed to break down. That resilience matters because a separate on-chain signal now suggests selling pressure may be running out, despite the whale indifference.

Whales Are Selling, but Overall Pressure May Be Nearing Exhaustion

Bitcoin’s whale address data shows clear weakness. The 30-day change in whale addresses holding 1,000–10,000 BTC has dropped to −72, its lowest level since late November. The total whale count is also sitting near monthly lows. This confirms that large holders have been reducing exposure rather than accumulating.

Whales Reducing Positions: Glassnode

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Do note that these whales are mostly rotating into ETH, which shows more optimism for the second-largest crypto.