Bitcoin Faces Pressure from Whale Selling and Macro Jitters

Bitcoin extended its correction, trading just above $110,000 after retreating more than 12% from its record highs.

The sharp selloff followed last weekend’s massive $19 billion liquidation, the largest deleveraging event ever recorded in crypto markets. Analysts described the decline as a much-needed reset after months of speculative buildup rather than a sign of fundamental weakness.

Large holders, or “whales,” have trimmed exposure, adding pressure around key support levels. According to BRN Research, more than 17,000 BTC were sold by wallets holding between 10 and 10,000 coins, yet these investors remain net accumulators this year. Demand for protective put options has surged, with open interest heavily skewed toward downside hedges, while calls cluster around $115K–$130K, reflecting cautious optimism.

Market data show rising volatility as traders adjust to tighter liquidity and lingering macro uncertainty. The renewed U.S.-China tariff tensions and U.S. government funding standoff have reduced risk appetite, contributing to the crypto pullback.

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Ethereum: BitMine Holds 2.5% of Supply After Buying the Dip

Beyond Bitcoin, Ethereum slipped below $4,000, while Solana and XRP both lost over 3%, dragging total crypto capitalization down to $3.8 trillion. Analysts at 21Shares argue that despite the turbulence, inflows exceeding $6 billion into U.S. Bitcoin ETFs and expectations of easier monetary policy still provide a solid long-term base.

They warn, however, that a break below $110K could open the way to $104K, while regaining $115K might restore confidence. For now, Bitcoin’s resilience amid liquidation waves suggests a market in transition – nervous, but far from broken.