Bitunix Analyst: Whales Accelerate Selling Not out of Panic But Liquidity Risk Looms

According to Bitpush news, on-chain data shows that multiple whales holding over a thousand coins each have recently concentrated on selling, causing the price of Bitcoin to drop from around $100,000 to approximately $97,000. Both exchanges and derivative markets are under selling pressure: overall, whales are more exposed on the short side than the long side (on-chain data shows shorts around $2.17 billion and longs around $1.18 billion), and Bitcoin ETFs have seen continuous net outflows for several weeks, totaling billions of dollars over the past five weeks, indicating a significant decrease in demand. Protective put options in the derivative market are active around $90,000-$95,000, showing that the market is seeking hedging at lower levels. Although a large amount of selling is profit-taking by long-term holders—reports from Glassnode and MarketVector suggest planned selling rather than panic liquidation—the current situation is not without risks. The key lies in the depth of support: during the long-term selling from the end of last year to the beginning of this year, there was still buying interest in the market; currently, ETF outflows and slowing institutional allocations make it easier for the same size of selling pressure to amplify price fluctuations, leading to a cascading liquidation chain reaction.

Technically and conclusively, important short-term observation levels are $100,000 and $93,000; if $93,000 confirms a breach, the market may test a deeper liquidity zone. Conversely, if active buyers (including known entities like Strategy) intervene at lower levels and stabilize ETF flows, it may trigger a structural rebound after deleveraging.

Bitunix analysts focus on whale wallet dynamics and large transfers; ETF fund flows and institutional trading announcements; and changes in open interest of put options and implied volatility in the derivative market—when all three turn positive, it signifies a true return of buyers; otherwise, the market will still be dictated by liquidity.

Related Articles