- Whale moved $170 million in BTC during market dip, raising questions of accumulation or exit strategy.
- Sell-side pressure grew, with spot volume delta turning sharply negative across major exchanges.
A sudden $170 million Bitcoin [BTC] transfer has caught market watchers off guard, coinciding with a broader pullback across the crypto market.
As Bitcoin slips below key levels and sell pressure mounts, the whale-sized transaction is fueling debate: accumulation at a discount, or the early signs of exit liquidity?
Whale watch
A recent transaction involving 1,811 BTC, valued at over $170 million, between two unidentified wallets has sparked renewed whale speculation.
While such large-scale movements are not unusual, the timing has drawn attention, occurring amid a 1.5% market-wide pullback and Bitcoin’s decline from $95K to $93K. This transfer could signify either opportunistic accumulation or a strategic exit positioning.
The anonymity of the wallets and the absence of exchange involvement suggest it is not a direct sell-off, but its alignment with the current market fragility raises further questions.
BTC faces crypto market chill
The whale activity didn’t occur in isolation. On the same day, the broader crypto market saw a 1.5% pullback in total market cap, a dip visible in the recent downturn on the chart after mid-March.
While Bitcoin briefly rallied, it quickly slipped back into the red, echoing the broader trend of flattening momentum.
Source: CoinGecko
Despite strong gains from late 2024 through early 2025, the market has struggled to reclaim its previous highs. The recent spike in volume suggests intensified activity, but not necessarily fresh buying.
Sell-side pressure returns
The latest on-chain data reveals a sharp deterioration in buy-side momentum.
Source: Glassnode
Bitcoin’s Spot Volume Delta has plunged into negative territory, with the 7-day Moving Average indicating pronounced sell-side dominance.
After a brief surge in buying activity in mid-April, sellers have regained control, peaking with the largest red bar recorded on the 30th of April.
The data indicates that investors are offloading at high prices, contributing to Bitcoin’s drop below $93K. If this trend persists, it could lead to heightened price volatility soon.
