David Bailey, CEO of the Bitcoin treasury company Nakamoto, reignited market discussions: the current barrier preventing Bitcoin from reaching $150,000 is the large holders who are still closing all positions. Once the dumping comes to an end, he asserts, "it will only go up from there." This statement shifts the market's focus back to an ongoing power transfer—from short-term selling pressure dominated by Whales to a long-term structure paved by institutional funds.
Bailey pointed out in a post on platform X on September 1 that a Whale has completed closing all positions, while another is still selling half of its positions. The recent price fluctuations have been triggered by such selling pressure, with a shipment of 24,000 Bitcoins (approximately 2.7 billion USD) on August 24 causing a flash crash, resulting in nearly 500 million USD in leveraged positions evaporating; meanwhile, on August 21, another long-time holder Whale, which had held coins for five years, converted approximately 4 billion USD in Bitcoin into Ethereum. Since the transactions occurred over a weekend with low liquidity, prices plummeted from a high of 124,500 USD to support levels of 105,000 to 110,000 USD. At the same time, the Fear and Greed Index has been fluctuating between 'Fear' and 'Neutral', reflecting investors' high sensitivity to the Whale's movements.
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David Bailey, CEO of the Bitcoin treasury company Nakamoto, reignited market discussions: the current barrier preventing Bitcoin from reaching $150,000 is the large holders who are still closing all positions. Once the dumping comes to an end, he asserts, "it will only go up from there." This statement shifts the market's focus back to an ongoing power transfer—from short-term selling pressure dominated by Whales to a long-term structure paved by institutional funds.
Whale selling pressure: Short-term volatility expands
Bailey pointed out in a post on platform X on September 1 that a Whale has completed closing all positions, while another is still selling half of its positions. The recent price fluctuations have been triggered by such selling pressure, with a shipment of 24,000 Bitcoins (approximately 2.7 billion USD) on August 24 causing a flash crash, resulting in nearly 500 million USD in leveraged positions evaporating; meanwhile, on August 21, another long-time holder Whale, which had held coins for five years, converted approximately 4 billion USD in Bitcoin into Ethereum. Since the transactions occurred over a weekend with low liquidity, prices plummeted from a high of 124,500 USD to support levels of 105,000 to 110,000 USD. At the same time, the Fear and Greed Index has been fluctuating between 'Fear' and 'Neutral', reflecting investors' high sensitivity to the Whale's movements.