Whales Dump Bitcoin as Distribution Phase Drags On
Bitcoin remains in a selling phase for over two months as whales offload during price surges.
- Bitcoin is stuck in a prolonged distribution phase
- Whales are selling heavily between $115K–$125K
- Unlocked addresses join in dumping during price pumps
Bitcoin has entered a clear distribution phase over the past two months, with on-chain data signaling consistent selling activity rather than accumulation. In crypto market cycles, accumulation refers to periods when investors are buying and holding, while distribution signals the opposite — large holders unloading their assets. Right now, all signs point to the latter.
This ongoing selling behavior has been especially visible between the $115,000 and $125,000 price range. This region appears to have become a “local top,” where whales and long-term holders are offloading significant portions of their Bitcoin holdings.
Whales Are Dumping Into Price Pumps
On-chain analysts have observed that whale wallets — those holding large amounts of Bitcoin — are actively taking advantage of brief market rallies to sell off their positions. This tactic, often referred to as “dumping into pumps,” helps them secure profits while pushing smaller investors into buying at high prices.
The market activity suggests that these whales are not alone. A growing number of freshly unlocked addresses — wallets that were previously inactive or locked — have begun contributing to the sell pressure. The combined effect is a suppressed upward momentum, even during bullish moments in the market.
What This Means for the Market
This extended distribution period could be a sign of a broader market shift. It may indicate that the rally is losing strength, or that institutional investors are repositioning for a correction. For retail investors, the takeaway is to tread carefully. Buying into surging prices without considering distribution dynamics can lead to poor entry points and potential losses.
While this phase doesn’t necessarily predict a full-blown crash, it does highlight the importance of understanding who is buying — and more importantly, who is selling — during a rally.
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