Gate News, March 19 — On-chain data shows that several early Bitcoin holders have recently sold off large amounts, raising concerns about short-term selling pressure. A whale address that has held 5,000 BTC since 2013 sold another 1,000 BTC on Wednesday, worth approximately $71.6 million. Since November 2024, this address has transferred about 3,500 BTC, totaling over $330 million, and still holds around 1,500 BTC.
Meanwhile, early investor Owen Gunden also sold about 650 BTC on the same day, valued at roughly $46.3 million. On-chain platform data indicates his total sell-off has exceeded 10,000 BTC, worth over $1 billion. Although the ownership of the related wallets remains disputed, large-scale reductions have impacted market sentiment.
From an on-chain perspective, fund flow patterns have shifted noticeably. CryptoQuant data shows that in mid-March, whale deposits on exchanges spiked to 0.83, meaning about 83% of inflows came from the top ten deposit addresses, hitting an eight-month high. Currently, this indicator remains around 0.66, indicating that large holders still dominate exchange inflows.
In terms of price action, Bitcoin has fallen about 4.5% over the past 24 hours, dropping near $70,000, more than 40% below its 2025 high. Market analysts believe that concentrated selling by long-term holders combined with macroeconomic uncertainties are putting short-term pressure on the price.
Analysis suggests that whale transfers to exchanges are often seen as potential sell signals. If subsequent selling pressure continues, Bitcoin’s key support levels may come under threat.
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