Markets
What to know:
- Bitcoin‘s price was playing a polite game of limbo just below $112,000, as traders nervously eyed the largest whale sell-off since the dinosaurs went extinct. Long-term accumulation still showed signs of stubborn optimism.
- Over 100,000 BTC-roughly the kind of money that could buy you a small moon-valued at about $12.7 billion, took a stroll out of major wallets last month, marking the biggest “Fish gotta swim” event this year.
- Despite the drama, analysts put on their rose-tinted glasses and suggest Bitcoin’s long-term outlook is about as positive as a wizard with a new spell book.
Bitcoin clung to just under $112,000 on Monday as traders mentally performed complex calculations involving whales, wallets, and wishful thinking. This was following the biggest whale sell-off in more than two years-basically a financial equivalent of a goldfish forgetting where its castle is-against a backdrop of long-term accumulation and surprisingly resilient altcoin sidekicks.
On-chain trackers at CryptoQuant waved big red flags as over 100,000 BTC-worth approximately $12.7 billion, or enough to fund a very extravagant wizard convention-exited major wallets over the past 30 days. Analyst caueconomy dubbed it “the largest coin distribution this year,” noting whale reserves shrank by 114,920 BTC, dragging spot prices briefly below $108,000 last week. Take that, confidence!
This whale drama is a sequel to July 2022, when whales last decided to practice their disappearing act with such gusto.
“Major players’ portfolios are still on a diet,” the analyst mused, “which might keep Bitcoin feeling a bit under the weather in the coming weeks.” Meanwhile, sales coincided with softer ETF inflows and volume thinner than a novice dwarf’s patience, leaving the market leaning heavily on macro catalysts-or as the market calls them, “Whatever happens next.”
On the bright side, the longer-term picture looks like a cautiously optimistic warlock squinting at a crystal ball. Bitcoin is down only 13% from its mid-August all-time high, a puny blip compared to historic crashes that made everyone spill their tea. CryptoQuant analyst Dave the Wave reported that the one-year moving average-the financial equivalent of a slow-moving turtle-had climbed from $52,000 a year ago to $94,000, with aspirations to break $100,000 by October. That’s a structural uptrend, or so the accountants say.
Ryan Lee, chief analyst at Bitget and self-appointed Chief Optimism Officer, added: “Bitcoin’s illiquid supply (aka coins locked away like a dragon’s horde) has hit a record 14.3 million BTC, with over 70% of coins tucked in wallets that haven’t seen spending since Beethoven was composing-indicative of steadfast long-term confidence.”
Lee forecasts Bitcoin settling into a $105,000-$118,000 range, taking cues from ETF flows and bullish MACD signals-the latter sounding suspiciously like a secret code for “looks good on paper.”
Ethereum twirled around $4,307, with Lee predicting a $4,100-$4,600 range provided ETF demand stays polite. He also hinted at upcoming network upgrades and DeFi catalysts that might send Ethereum on its own rocket, or at least a mildly enthusiastic balloon ride.
The broader market refused to sulk entirely. XRP swam up 2.3% to $2.96, Solana’s SOL flexed a 3.2% muscle to $214, and dogecoin barked its way up 10.5% for the week to $0.236. Cardano’s ADA also stretched and added 6%, reaching $0.865-because even cryptocurrencies need a bit of cardio.
However, sentiment stayed in the “meh” zone. FxPro’s Alex Kuptsikevich observed that the total crypto market cap rose 2.5% last week to $3.85 trillion-a sum so large it makes most calculators scream-but still lagged behind its 50-day average, prompting eyebrow raises all around.
“This spells underlying risk appetite akin to trying to pet a sleeping dragon,” Alex commented via electronic pigeon. The sentiment index dipped into “fear” territory at 44 over the weekend before modestly climbing back to 51 on Monday, signaling traders are in full-on “wait and see” mode. Spoiler alert: it’s called “September.”
September’s seasonal grumpiness adds another layer of caution, like a dragon’s bitter glare even as macroeconomic storm clouds roll in.
Jeff Mei, COO at BTSE, whispered through Telegram that midweek U.S. inflation prints will be the market’s crystal ball: “If inflation’s higher than expected, Bitcoin and Ethereum might sulk. If it’s lower, well, expect a rally worth tweeting about.” Emojis not included but highly recommended. 🤞📉📈
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2025-09-09 13:43