Asia AM Brief: Heavy Bitcoin Selling by Whales, Miners Could Mark Local Top in Price Action

Bitcoin Faces Sell Pressure Near All-Time Highs as Whales and Miners Lock in Profits

Bitcoin remains in consolidation mode to start the Asian trading week, hovering near $117,300—just below its all-time high of $123,000 set last week. Despite strong momentum, new on-chain data suggests the rally may be encountering early signs of fatigue.

Ethereum continues to lead the market in terms of performance, holding above $3,800 with a 4% daily gain and up over 26% on the week. The capital rotation into higher-beta assets has strengthened ETH’s position, with market participants increasingly favoring Ethereum over Bitcoin. The CoinDesk 20 Index is holding at 4,071.75, indicating broad-based interest in digital assets.

Yet beneath the surface, key metrics point to possible headwinds. According to CryptoQuant, Bitcoin exchange inflows spiked to 81,000 BTC on July 15—the highest since February. Transfers of 100 BTC or more rose sharply, from 13,000 BTC to 58,000 BTC, while miner outflows reached 16,000 BTC, nearly all sent directly to exchanges.

Ethereum mirrored this pattern the following day, with 2 million ETH moved to exchanges—the largest daily inflow since late February. This came after ETH more than doubled since April, suggesting that large holders may be taking profits into strength.

Miner balances also continue to decline. Since June 26, BTC held in miner wallets dropped from 68,000 to 65,000, further reinforcing the thesis of distribution at current price levels.

These flows, typically seen during periods of local tops, have historically preceded pullbacks or increased volatility. While price action remains bullish, traders are becoming more cautious as risk signals emerge.

Singapore-based market maker Enflux is closely monitoring liquidity dynamics:

“Liquidity remains healthy, but we’re watching open interest and altcoin market depth carefully. Continued ETH dominance could extend mid-cap upside in the near term.”

Meanwhile, altcoin inflows remain low. Daily exchange transactions for altcoins stand at 31,000, far below the 120,000 levels recorded at past market tops in March and December 2024. This suggests a lack of urgency among altcoin holders—possibly due to stronger conviction, or simply a pause before the next rotation.

For now, Bitcoin and Ethereum are absorbing most of the capital flows. However, the uptick in selling from whales and miners may be the first sign of consolidation—or a broader shift in market structure.

Market Highlights:

• Bitcoin (BTC): Trading at $117,100 after testing support near $118,000. Institutional flows have slowed, and late-session weakness raises the risk of a deeper pullback.
• Ethereum (ETH): Up nearly 4%, with capital rotating in from smaller tokens. A short squeeze remains possible, with $331 million in bearish positioning still in play.
• Gold: CIBC projects gold to average $3,600 in H2 2025, citing macro uncertainty, rate cut expectations, and strong central bank demand.