Bitcoin whales sink the market: $45 billion in Crypto cashes out

Major Bitcoin holders are selling off in waves, triggering a new downturn. This time, it’s not leverage causing panic — it’s a loss of confidence among “whales” and long-term investors.

Bitcoin is stumbling again after months of gains. In recent weeks, the world’s leading cryptocurrency has fallen more than 20% from its record high, slipping below the symbolic $100,000 mark. But unlike the flash crashes of the past, driven by leveraged liquidations in the futures market, this slump is coming from the spot market: big holders are selling.

According to Markus Thielen, head of 10x Research, long-term investors have sold around 400,000 Bitcoin — roughly $45 billion — in just one month. This steady stream of sales has overwhelmed new buyers and cooled overall sentiment.

Forced liquidations in derivatives remain relatively small — about $2 billion in the past 24 hours — but the deeper issue seems to be confidence. The so-called “mega whales,” entities holding between 1,000 and 10,000 Bitcoin, began offloading their coins as early as summer, despite institutional demand trying to absorb the supply.

Since October, however, the situation has worsened: open interest in Bitcoin futures remains weak, and options traders are betting on further declines toward $80,000. Thielen warns that this unwinding could continue through spring 2026, mirroring the 2021–2022 bear market, when over one million Bitcoin were sold by large holders.

A catastrophic crash doesn’t appear imminent — but the message is clear: Bitcoin’s biggest whales are swimming away, and for now, the market is struggling to stay afloat.

Andrea Pelucchi