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Whales have been selling into strength, setting up a major test for crypto in September. Over the past month more than 100,000 BTC left large wallets, with CoinDesk and other trackers calling it the biggest distribution of the year. During the wave of outflows, bitcoin hovered just under 112,000 dollars as traders weighed how quickly the market could absorb the extra supply.
Analytics cited by CoinDesk put the drop in whale reserves at roughly 114,920 BTC. At the same time, on-chain data shows long term holders continue to grow their share of supply, a counterweight that challenges the idea of a broad capitulation by early cohorts. The mix of whale distribution and persistent holding has kept price action choppy rather than outright bearish.
Pressure is not limited to bitcoin. CoinDesk noted that all BTC wallet cohorts recently flipped back to net selling, a sign of broad distribution during consolidation. In majors outside BTC, XRP has carved out a tight trading range near 3 dollars while volume picked up, and ether has tracked the swings in risk sentiment as participants rotate between ecosystems.
Macro catalysts add another layer. Markets are watching September data and the Federal Reserve decision after recent inflation prints kept rate-cut hopes alive. That backdrop can amplify moves in either direction if liquidity is thin and positioning remains fragile.
For now the setup is simple. If demand from ETFs, institutions and spot buyers absorbs ongoing whale supply, prices can stabilize and push higher. If distribution persists and macro support fades, the market may slip into a deeper consolidation before the next leg develops. On-chain firms outline both paths and point to whale activity as the swing factor to watch through September.
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