Bitcoin has dipped below the $100,000 mark for the first time since June, falling more than 20% from its recent peak.
This drop comes as large Bitcoin holders, often called whales, have sold around 400,000 coins in the past month, totaling roughly $45 billion.
Unlike previous crashes driven by forced liquidations in futures markets, this selloff is mainly happening in the spot market.
This steady unloading of Bitcoin by long-term holders has unsettled the market and signaled a shift in investor sentiment.
The reduction in whale activity suggests a loss of confidence among those who have held Bitcoin for months or even years.
While institutional buyers initially absorbed some of the selling pressure, demand has weakened sharply since the major crash in October.
Smaller holders are also starting to sell, and traders are betting on further price drops, with some aiming for the $80,000 level.
Despite this, the market has not seen the extreme forced liquidations that marked last month’s crash, indicating that leverage is currently low.
Looking ahead, this trend could continue for several months. If the current pace matches the 2021–2022 bear market, a gradual decline and consolidation may last well into spring.
The key factor now is whether new buyers return to absorb these sales, or if the market will experience further downside pressure.
Analysts expect some drift lower, with $85,000 as a possible bottom, but a sudden crash seems unlikely.
Investors should watch whale activity closely as it will likely guide Bitcoin’s price direction in the coming months.
