Bitcoin Price Flashes Top Signal After Rejection At $125K

Bhushan Akolkar
6 hours ago Updated 2 hours ago
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Bitcoin Sathoshi era whale dominate market movement

Highlights

  • Bitcoin OG whales have been selling as BTC gains strength into all-time highs.
  • Institutional buyers are buying aggressively on BTC price dips hinting a major shift from retail-led speculation.
  • On-chain data shows large sell and short positions by veteran holders, while analysts warn of a major liquidity cluster near $118,000.

Bitcoin price has continued to trade below the $125,000 mark as the market undergoes a notable shift from early “Satoshi-era” whales to new institutional investors accumulating positions. However, the pace of whale sell-offs has so far exceeded institutional buying, keeping downward pressure on prices. With uncertainty building, investors remain cautious amid the potential for increased volatility ahead.

Bitcoin Price Momentum Fades Near All-Time Highs, But Institutions Are Buying

Bitcoin’s ‘Uptober’ rally has been on point with 7% gains so far this month, in a healthy start for the Q4 bull run. However, this time, the rally to all-time highs comes with a different mix.  Despite prices hovering near all-time highs, market momentum appears to be fading.

Analysts at 10x Research noted that large institutional investors have been accumulating Bitcoin aggressively. This is also evident with the strong Bitcoin ETF inflows seen over the past few weeks, led by BlackRock’s IBIT. On the other hand, early adopters i.e. Satoshi era whales, have been taking profits into the Bitcoin price strength. This dynamic suggests a shifting market structure, with deeper institutional participation offsetting retail enthusiasm.

Bitcoin 'OG Whales' Are Outselling Institutional Buyers
Source: 10x Research

10x Research added that broader macro indicators have turned neutral, with options traders growing defensive and volatility remaining high. They added that disciplined accumulation during the consolidation phase could be rewarding in the long term.

BTC OG Whales Are Selling on Rise

Blockchain analytics firm Lookonchain reported that a “Bitcoin OG,” has expanded his short position on Bitcoin to 3,600 BTC (worth approximately $438 million). The move comes just days after the same wallet sold 3,000 BTC ($363.9 million) earlier this week.

OG whales build Bitcoin short positions
Source: LookonChain

Last month, the investor made headlines for swapping 35,991 BTC, now worth $4.38 billion, for 886,371 ETH, currently worth about $3.88 billion. According to Lookonchain, the trader’s current short position is sitting at an unrealized loss of roughly $3.66 million, with a liquidation price of $139,900 per BTC.

Where’s Bitcoin Price Moving Next?

Crypto analyst Ted Pillows highlighted a key liquidity zone forming around the $118,000 level for Bitcoin price, suggesting that the area could trigger significant market movement. According to Pillows, “billions in long liquidations” are currently positioned around that price point.

Bitcoin liquidation heatmap suggests key long liquidations ahead

He warned that a potential liquidity flush could occur if those positions are liquidated, possibly leading to a short-term sell-off. However, Pillows noted that the market’s next direction will largely depend on ETF inflows. “If buyers step in, Bitcoin will see a reversal; otherwise, more downside could follow,” he said.

BitMEX co-founder Arthur Hayes published a new essay arguing that the traditional four-year BTC cycle is no longer relevant. According to Hayes, the major Bitcoin price movements are not driven by halving-induced supply shocks but by changes in global liquidity conditions.

Currently, he noted, global liquidity is expanding again, with the U.S. Federal Reserve cutting interest rates, the Trump administration advocating for new stimulus measures, and both Japan and China easing monetary policy.

Hayes concluded that with money becoming “cheaper and more abundant. Thus, he believes that a new bear market is not imminent, and Bitcoin’s real market top may still be far away.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.