Bitcoin May Face Pressure After Dormant Whale Sells 24,000 BTC, Analysts Warn

• 24,000 BTC sold in a single wave

• Sell-off forced BTC near the $110,500–$113,000 support zone, accelerating market-wide selling.

• On-chain data and analyst commentary indicate supply shock; 24,000 BTC equals roughly $2.7 billion.

Bitcoin whale dump: 24,000 BTC sell-off pushes BTC below $113K — read the market impact, expert quotes, and next steps. Read now.

What caused the Bitcoin price drop below $113K?

Bitcoin whale dump triggered the decline after a long-dormant holder liquidated 24,000 BTC, creating intense sell pressure and a cascade of market orders. The move forced prices toward the $110,500–$113,000 support range and amplified bearish technical signals on short-term charts.

How did the OG Bitcoin whale move 24,000 BTC and where did it go?

On-chain analysis shows a stash untouched for more than five years was fully liquidated and routed to Hyperunite, with the seller offloading 12,000 BTC on August 24 alone. Market observers reported the whale continued to sell, collectively transferring ~24,000 BTC (~$2.7 billion) to exchange/market addresses.

Analyst Willy Woo noted that such sales require substantial new capital — roughly $110,000+ per absorbed BTC — and that early holders with very low cost basis can weigh on supply dynamics when they choose to sell.

Source: Willy Woo/X

How did BTC’s price react after the whale sell-off?

The sell-off coincided with a rotation of roughly $2+ billion from BTC into Ethereum, intensifying downward pressure. The immediate result was a sharp drop of about $4,000 that tested $113K support and briefly pushed BTC toward $110,500.

At press time BTC traded near $111,742.53, down ~2.8% after the move, while ETH traded around $4,627.68, down ~3.0% in 24 hours. Technical indicators such as RSI and MACD showed bearish momentum with limited short-term reversal signals.

Source: TradingView

Why do analysts disagree about the role of long-time holders?

Some analysts argue OG holders with extremely low cost bases are unlikely to sell large portions, suggesting the current dump may come from a smaller set of large holders or entities. Others point to on-chain traces showing long-dormant wallets moving sizable amounts, reinforcing the supply-shock explanation.

Market commentary highlights that the identity and motives of sellers are often unknown; however, measured on-chain flows and exchange inflows provide a factual basis for assessing likely market impact.

Frequently Asked Questions

How much market cap moved during the sell-off?

Observers linked the sell-off to an approximate $45 billion market cap decline on August 24, driven by large BTC sells and rotation into ETH; exact figures vary by aggregator and snapshot time.

Who commented on the sell-off and what did they say?

On-chain analyst Sani reported the wallet liquidation; Willy Woo highlighted absorption needs per BTC, while community participants like Parman disputed large OG-holder sell claims. These are public analyst observations and commentary.

Key Takeaways

• 24,000 BTC sold: A long-dormant wallet liquidated roughly 24,000 BTC, creating major short-term supply pressure.
• Price tested $110K–$113K: The sell-off prompted a sharp $4,000 move and tested important support levels.
• Mixed analyst views: Some experts see OG-holder selling as central to the move; others argue the impact is overstated.

Conclusion

The Bitcoin whale dump sharpened near-term bearish momentum as 24,000 BTC (~$2.7B) changed hands from long-dormant addresses, testing $113K support and triggering technical sell signals. Market participants should watch exchange inflows, on-chain flows, and liquidity near $110K for the next directional clues. COINOTAG will monitor developments and publish updates as new data arrives.