Bitcoin recently hit a new all-time high (ATH) of $124,474, only to take a 3.5% dive in the last 24 hours. Yes, Bitcoin hit its peak, and now it’s taking a breather. But why the sudden drop? According to data from CryptoQuant, it seems like whales might be cashing out, and their selling is putting some pressure on the price.
Bitcoin Whales - The Silent Movers Behind the Scenes
In just the past 24 hours, Binance saw a huge influx of 6,060 BTC, worth a hefty $722 million. It’s like a whale-sized cash splash! This surge is being linked to the whale community, who seem to be reacting to some recent economic reports. Analyst JA Maartunn from CryptoQuant says that reports like the US Jobless Claims, PPI, and Retail Sales are likely influencing these whales to make their move.
gm to spot holders to survived the dip 👏
— HodlFM Team (@Hodl_fm) August 15, 2025
$1.82B in stablecoins flowed into @Binance, per @CryptoQuant. Prepare for another leg up. pic.twitter.com/AJknHjHFXL
As Maartunn puts it:
"It’s likely a reaction to the increased prices and positioning ahead of this week’s economic events."
So, the whales are basically gearing up for what’s next, and their actions are shifting sentiment, likely to the downside.
HODLers Stay Strong, But Will the Bulls Push Bitcoin Back Up?
Now, here’s where things get interesting. Despite all this whale activity, Bitcoin’s long-term holders (LTHs) aren’t exactly jumping ship. The HODLer Net Position Change metric is moving away from the bearish zone, meaning the LTHs aren’t selling their precious BTC like they used to. This is a good sign, as it shows that the strong hands are still committed to their positions, which could help stabilize Bitcoin and pave the way for a potential recovery.
Bitcoin’s Price Action
Right now, Bitcoin is trading at $118,394, having slipped below that critical $120,000 mark. After hitting its ATH, it’s not surprising to see some volatility. But here’s the silver lining: Bitcoin is holding support above $117,000, which could mean that this dip is just a short-term correction. If the bulls manage to defend this level, Bitcoin might just make its way back to $122,000.
However, it’s not all sunshine and rainbows. If the selling pressure picks up, Bitcoin could fall below the $117K support level. A deeper drop could send it to $115,000 or lower, which would make the whole “bullish outlook” look like a distant dream.
So, What’s Next?
In short, Bitcoin’s price action is a bit of a tug-of-war right now. The whales are making moves, but the long-term holders are holding strong. If the bulls can manage to get Bitcoin back over that $120,000 level, we might see a bounce toward $122,000. But if things go south and the selling pressure ramps up, we could be in for a deeper dip. Hodl on tight, Bitcoin’s journey is far from boring!
Matvii Diadkov
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