Bitcoin Price Slides as Exchanges and Insiders Offload $2.5B BTC

TLDR:

• Exchange-linked wallets moved over $2.5B in BTC within ten hours, coinciding with heightened macro-driven volatility.
• Coinbase, Binance, and Kraken wallets accounted for more than 31,000 BTC in reported sales activity combined.
• Bitcoin price held near $90,500, a key trendline that recently flipped from resistance into support.
• Long-term holder selling resurfaced as Bitcoin posted weekly losses despite strong trading volume levels.

Bitcoin price slipped on Thursday as fresh data showed heavy selling from major exchanges and insiders. The move followed comments by Federal Reserve Chair Jerome Powell addressing reported DOJ-related questions. 

Blockchain trackers flagged large Bitcoin outflows linked to centralized trading venues over a short window. The activity added pressure to a market already digesting recent volatility and regulatory uncertainty.

Bitcoin Price Drops as Exchange Wallets Record Heavy BTC Outflows

On-chain posts from DeFiTracer showed notable Bitcoin movements tied to exchange-controlled wallets. Coinbase-linked addresses recorded sales totaling 23,185 BTC during a ten-hour window. 

Binance and Kraken wallets also showed combined BTC sales exceeding 5,400 coins. Insider-linked wallets reportedly added another 9,700 BTC to the selling pressure.

At current prices, the combined transactions exceeded $2.5 billion in value. The data circulated widely on social media, amplifying concerns around coordinated selling. 

While exchanges often rebalance reserves, the timing drew attention due to macro headlines. The selling followed Powell’s response to questions around reported DOJ scrutiny.

Market data reflected the pressure shortly after the reports gained traction. According to CoinGecko data, Bitcoin price traded near $90,358 at publication time. 

The asset posted a 0.49 percent decline over 24 hours and fell 2.86 percent over seven days. Trading volume reached over $37 billion, signaling elevated activity during the pullback.

Bitcoin Price Holds Key Trendline as Long-Term Holders Show Cracks

Separate commentary from Ted Pillows suggested long-term holders have resumed selling Bitcoin.

Such behavior often attracts scrutiny during broader market corrections. Historical data shows long-term distribution can weigh on short-term price stability.

However, the scale and duration remain unclear from available information.

Technical context from DamiDefi focused on Bitcoin’s weekly chart structure. A long-standing yellow trendline shifted from resistance into a support zone near $90,500. 

BTC price recently bounced after testing that level during the current pullback. The pattern suggests the market still respects the trendline for now.

DamiDefi noted that holding above the line points to a healthy correction within a broader cycle. Reclaiming levels near $90,500 or $98,000 would strengthen that structure. 

Failure to hold could expose lower price zones around $72,000. The assessment framed recent selling as critical for near-term direction.

For now, Bitcoin price remains above the highlighted support level. Traders continue to monitor exchange flows and holder behavior closely. 

The combination of macro headlines and on-chain data keeps volatility elevated. Price action over the coming sessions may clarify whether selling pressure persists.

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