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Bitcoin Price Analysis: Whale Selling Meets ETF Buying Power
CryptoQuant founder Ki Young Ju released a compelling analysis on Bitcoin’s short-term risks and long-term potential. According to Ju’s statements, large investors have sold billions of dollars worth of BTC after the cryptocurrency surpassed the $100,000 level. This situation creates supply overhang in the market, putting pressure on prices.
Why Are Whale Sales So Critical?
After Bitcoin reached its all-time high of $126,025 on October 6, the price corrected approximately 20-30%. The CryptoQuant founder emphasized that behind this decline lies profit-taking by large wallet holders who are selling more crypto than normal demand can absorb.
Whale sales are typically considered a classic indicator of the distribution phase in market cycles. Although Young Ju initially believed the 2024-2025 bull run had peaked and shifted into a bear market, he later revised his view. He noted that institutional buyers like Strategy and funds flowing into Bitcoin spot ETFs balanced this selling pressure.
Have ETFs and Institutional Purchases Changed the Game?
The analyst stated that without what he described as artificial demand from ETF inflows and Strategy’s purchases, Bitcoin could have entered a multi-year bear market. This comment highlights the fragility in the market.
According to Young Ju, if Strategy stops or slows down Bitcoin purchases and ETF inflows decline, sellers will dominate the market again. Metrics such as exchange inflows, futures open interest, and liquidations still indicate heavy selling pressure continues.
Are New Buyers Selling or Long-Term Investors?
JAN3 CEO Samson Mow stated that a large portion of recent sales came from new investors. In his interview with U.Today, Mow explained that investors who bought Bitcoin in the last 12-18 months and are now securing 20-30% gains are closing their positions. This finding supports Young Ju’s concerns about whale sales.
However, the CryptoQuant founder also emphasized the importance of the macroeconomic outlook. Noting that general economic conditions are decisive for risk assets, Ju conveyed the message: “if you believe the macro outlook will restart inflows and overpower sellers, you can buy the dips.”
Where Is Bitcoin Now and What’s Expected?
At press time, Bitcoin was trading at $105,132, recording a 0.8% decline in the last 24 hours. However, the 3.01% increase in trading volume to $70.2 billion signals that market activity is reviving.
Analysts point to $111,700 as the next critical threshold. This level is seen as a turning point that will determine whether Bitcoin moves up or down. If fund inflows into the spot ETF market continue and trading volume maintains its upward trend, BTC could resume an uptrend.
The current market situation shows that both technical and fundamental factors are in a delicate balance. This tension between institutional demand and individual sales will shape the cryptocurrency’s direction in the coming weeks.
