Bitcoin has started the year strong, trading above $92,000 and showing a price increase of over 6%. This performance has revived investor optimism, reinforcing Bitcoin’s role as the dominant force in the cryptocurrency market, especially amid a broader recovery in digital assets. However, despite this strong showing, Bitcoin’s price remains capped below the crucial $100,000 mark. This has led many investors to ask the question: Who is selling Bitcoin at such a pivotal moment in the market cycle?

Old Whales Are Selling – Here’s Why It Matters

Crypto Quant CEO Ki Young Ju has shed light on the situation, revealing that the recent selling pressure is largely being driven by “old whales” – long-time Bitcoin holders who are offloading substantial amounts of their BTC. According to Ju, these sales are primarily happening through over-the-counter (OTC) transactions, which have played a significant role in keeping the price below the psychological $100,000 level. This strategy seems to be a deliberate redistribution of Bitcoin holdings, as older investors take profits while allowing new market participants to enter.

This behavior is causing a wave of uncertainty in the market. On one hand, the strong demand from long-term investors and institutional interest signals that Bitcoin is in a healthy position for continued growth. On the other hand, the actions of these influential whales highlight the challenges Bitcoin faces in overcoming the critical resistance point of $100,000. The market is now at a crossroads: Can Bitcoin push through this resistance and start a historic rally, or will the selling pressure from whales hold it back?

The Impact of Whale Activity on Market Sentiment

As Bitcoin enters what investors hope will be another bullish year, the dynamics in the market have shifted significantly. Over the past few weeks, Bitcoin’s price has swung between extreme optimism and fear of a major correction, leaving investors on edge. This volatility is largely attributed to the selling activity of older whales, who are taking profits amid uncertain conditions.

Ki Young Ju’s insights suggest that despite the significant amount of BTC being sold, the overall impact on the market has been controlled. OTC transaction volumes have been high, but the deposits on exchanges haven’t led to a market crash. This indicates that the selling activity is being carefully managed by these veteran investors, ensuring that the market remains stable despite the heavy offloading of Bitcoin.

However, while the whales may be taking profits, the buying pressure is still coming from institutional investors, particularly in the United States. Coinbase has been a major hub for institutional demand, with significant buying activity taking place on the platform. However, Ju points out that Coinbase’s daily premium, which measures institutional demand, is currently at a two-year low. This suggests that while institutions are still active in the market, their level of involvement isn’t strong enough to propel Bitcoin past the $100,000 barrier.

Can Bitcoin Overcome the $100K Barrier?

Bitcoin is currently trading above the $95,000 mark, signaling some short-term strength and instilling cautious optimism among investors. Many are hoping that this level will hold, as every hour Bitcoin stays above $95,000 increases expectations of a potential breakthrough toward $100,000. For Bitcoin to continue its upward trajectory, breaking through this critical resistance is essential. A successful breakout above $100,000 could trigger a surge in momentum, potentially leading to new all-time highs.

However, there’s a major caveat: Bitcoin is still navigating through a range-bound phase, testing the liquidity between $92,000 and $100,000. While the $92,000 level has been a key demand zone for Bitcoin, holding above it is critical for maintaining the long-term bullish outlook. A drop below this level could trigger a correction, undermining investor confidence and potentially leading to a deeper pullback in the market.

What’s Next for Bitcoin in 2025?

Looking ahead, the market remains in a delicate balance. The old whales’ selling activities continue to cap Bitcoin’s price, but there are still signs of strong institutional interest. If institutional demand picks up again, particularly with a rebound in Coinbase’s daily premium, Bitcoin could see the momentum needed to break through resistance and start the year with a significant rally.

Until then, the market will likely remain in a holding pattern, as investors watch closely to see whether Bitcoin can overcome the current selling pressure and push toward new highs. With whales taking profits and institutions cautiously watching from the sidelines, the next few weeks will be crucial in determining Bitcoin’s next move.

As Bitcoin tests its limits in early 2025, one thing is clear: the path forward will require both continued institutional support and the ability to weather the selling pressures from long-term holders. Only time will tell if Bitcoin can conquer the $100,000 barrier and enter a new phase of growth.