The crypto market is never quiet for long and Bitcoin is once again at a turning point. After slipping below $100,000, on-chain data from CryptoQuant shows that major holders, or whales, are offloading billions in BTC. 

With institutional demand cooling, investors are now wondering: is this just a pause before the next leg up, or the first sign that the bull run is losing steam?

In a tweet post, CryptoQuant founder Ki Young Ju explained that large Bitcoin holders, often called “whales,” have sold off billions worth of BTC since prices crossed the $100,000 mark. 

Such activity has created a supply overhang, meaning there’s more Bitcoin available on the market than buyers are ready to absorb. This typically adds downward pressure on prices and marks the “distribution phase” in market cycles.

Earlier this year, Ju warned that the 2024–2025 bull run might have already peaked. However, strong spot Bitcoin ETF inflows and continued buying by MicroStrategy helped stabilize the market and delay a deeper pullback. 

These factors served as key supports, preventing the market from slipping into bearish territory.

Now, Ju believes the continuation of ETF inflows is crucial. As inflows begin to slow and MicroStrategy’s buying pace eases, the market could face renewed selling pressure. He cautioned that if these supports fade, “sellers will dominate again.”

On-chain data appears to back this up, showing increased whale transactions and a drop in stablecoin inflows, both typical signs of a market cooldown.

At the same time, JAN3 CEO Samson Mow said the latest pullback is also driven by short-term investors taking profits after earning 20–30% gains, a normal correction phase in any bull cycle.

Over the coming weeks, Bitcoin’s next move will be crucial. Analysts believe the $111,700 zone is the key level to watch, a decisive point that could determine whether BTC climbs higher or enters a longer correction.

As of now, Bitcoin is trading around $105,448, down slightly on the day but with trading volume up slightly, showing that the battle between buyers and sellers is just getting started.

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