 ▲ Bitcoin (BTC) |
Bitcoin (BTC) whales are exiting their profit zones and joining large-scale selling, deepening concerns over further declines in the cryptocurrency market.
According to crypto-focused media outlet Bitcoinist on February 15 (local time), large Bitcoin holders, known as whales, have recently been observed finalizing profit-taking or slipping below their average purchase prices, effectively leaving profitable territory. Data from on-chain analytics platform Santiment shows that whale addresses holding between 100 BTC and 10,000 BTC are moving assets, adding downward pressure to the market.
Bitcoin spot ETFs recorded total net outflows of $360 million over the past week, extending their decline for a fourth consecutive week. As funds flowed out of popular investment products managed by firms such as BlackRock and Fidelity, investors locked in profits midweek, dampening upward momentum. Bitcoin rebounded to as high as $70,434 on Saturday before falling back to trade around $69,798.
Market experts note that these whale movements resemble early signals seen in previous bear markets. In particular, the deterioration of the Market Value to Realized Value (MVRV) indicator raises the possibility of panic selling as whales attempt to avoid larger losses. This trend may be interpreted not as a simple short-term correction but as a sign that the market’s liquidity balance is being disrupted.
Uncertainty in the macroeconomic environment is also weighing on investor sentiment. U.S. Treasury Secretary Scott Bessent recently emphasized in an interview the need for swift passage of the U.S. crypto market structure bill, known as the CLARITY Act, to address regulatory uncertainty in the cryptocurrency market. Warnings that prolonged regulatory ambiguity could heighten volatility are prompting large investors to adopt a more cautious stance.
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