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Bitcoin Price Faces Resistance at $116K Amid Fresh Whale Sell-Off
Bitcoin – The crypto market is once again on alert as a long-term Bitcoin holder resumed selling large amounts of BTC after briefly stepping back from the market. The move comes just as Bitcoin (BTC) tested the $116,000 resistance level for the first time in three weeks.
Whale Moves $136M in Bitcoin to Exchange
On Sunday, two wallets tied to an address that had held Bitcoin for over eight years deposited 1,176 BTC (worth more than $136 million) into trading platform Hyperliquid and immediately began selling, according to blockchain analytics firm Lookonchain.
This activity follows a massive sale in late August, when the same wallet exchanged nearly 36,000 BTC—valued at more than $4 billion—for Ether (ETH). After a two-week pause, the whale appears to be back in selling mode.
From Bitcoin to Ether: A Risky Bet?
Lookonchain previously reported that the wallet had swapped 35,991 BTC for ETH, sparking debate about the trader’s strategy. While the ETH-to-BTC ratio has gained around 6% in the past month, it still sits at just 0.0401, far below its 2017 peak of 0.14. If the whale were to swap back to Bitcoin today, the move would result in a loss of nearly 460 BTC (around $53 million).
Bitcoin Faces Resistance at $116K
Meanwhile, Bitcoin’s price action remains choppy. BTC hit a high of $116,182 on Friday but has since hovered near $115,500, unable to break convincingly above the resistance zone. The coin is still down about 7% from its August peak of over $124,000.
Dormant Wallets Stir
The selling spree comes amid renewed activity from other long-dormant whale wallets. One wallet holding nearly 445 BTC made a transfer to Kraken last week after nearly 13 years of inactivity. Another wallet with 480 BTC, untouched since 2012, also moved funds earlier this month, though only to a new address.
