Bitcoin's price, which reached a record high of $123,000, may be at risk after a significant amount of BTC was moved to exchanges. In the last 48 hours, over $9 billion worth of Bitcoin was transferred, raising concerns about a possible sell-off.
$9 Billion BTC Hits Exchanges
In the last 48 hours, 69,423 BTC, equivalent to over $9 billion, have been transferred to exchanges. This sudden spike in inflow raises concerns that it may indicate an impending sell-off.
Data from CryptoQuant shows that just two days earlier, inflows were between 12,000 and 13,000 BTC. The steep increase to over 54,000 BTC suggests a sharp rise in short-term selling pressure. The key issue now is whether this is a short-term rotation or the start of a deeper correction.
Long-Term Holders Are Taking Profits
Recent intelligence indicates that a Satoshi-era wallet, which held over 16,800 BTC, recently transferred its entire balance to Galaxy Digital. Within hours, Galaxy deposited over 2,000 BTC to Binance and Bybit. This transfer forms part of a larger chunk of 80,009 BTC.
An increase in Coin Days Destroyed, which tracks how long coins remained dormant before being moved, also reflects profit-taking by long-term holders, often seen near market tops.
Bitcoin Price Retracement: Key Support Levels
Bitcoin's price has started to retrace from the $123K high. Based on standard Fibonacci retracement levels drawn from the recent low of $98K up to $123K, key support levels are set at:
* $110,682 (0.5 Fib) * $107,682 (0.618 Fib and the strongest) * $98,160 (1.0 Fib)
These levels act as natural bounce zones during corrections. However, if inflows continue to rise and the volume remains skewed toward selling, the $98K floor could be tested soon.
The combination of rising exchange supply, whale transactions, and long-term holder exits paints a cautionary picture. While the broader trend remains bullish in the long run, the short-term momentum appears to be fading. If exchange inflows remain elevated and prices drop below $110,700, traders should prepare for potential moves toward $100,000 or lower.
