Bitcoin 
$[mcrypto coin=”BTC” currency=”USD”] There has been a remarkable movement in the market recently. Specifically, the largest institutional investors and early miners holding assets between 10,000 and 100,000 BTC have sold or redistributed a total of 36,500 BTC (about $3.4 billion) since December 1.
Corporate Sales Wave and Deepening Liquidity Problem
Glassnode’s data reveals that this group has given up the accumulation trend it has been following for a while and is following a more cautious strategy. Bitcoin’s difficulty in exceeding the $ 94,000 resistance despite the Fed’s interest rate cut also supports this picture.
While Bitcoin followed a horizontal course at $ 92,250 on the last trading day of the week, this selling pressure in the market’s largest wallet holders became the focus of investors. The $3.37 billion outflow within 12 days indicates that the tendency to “step aside a little” is getting stronger, especially on the corporate side. Looking at the details, it seems that the expectations of individual investors remain high, but the big players, known as “smart money”, think differently.
The picture is not very bright on the liquidity side either. According to data provided by FX Leaders, inflows of stable cryptocurrencies into exchanges have fallen by 50% since August. This means that the new purchasing power is weakening. Mudrex’s Chief Quant Analyst Akshat Siddhant states that the Fed’s $40 billion monthly treasury bill purchasing program will have positive effects in the long term; However, he emphasizes that in the short term, the market must absorb this new liquidity.
Bitcoin and Ethereum in this environment 
$[mcrypto coin=”ETH” currency=”USD”] Although the inflow of over $610 million into ETFs in the last two days shows that investor confidence is not completely lost, it is critical for the price to make a daily close above $94,140 for the $100,000 target.
88 Thousand Dollar Threshold is Critical
The main point to be considered in the market is the difference in perspective between large investors and individual investors. While small investors focusing on the Fed’s “turning point” discourse maintain their bullish expectations, large wallets consider the current price range as a distribution area. Both the $3.4 billion institutional outflow and the halving in stablecoin reserves indicate that the $88,000–$94,000 band has turned into a sell zone, not a buy zone.
Volatility is expected to increase sharply if Bitcoin loses the $88,000 support. Such a breakout could cause short-term investors to sell in panic, while longer-term players look for repositioning opportunities.
On the other hand, a similar picture was observed on the Ethereum side last week. Approximately 220,000 ETH were sold on large addresses holding more than 1,000 ETH. Experts are of the opinion that this cautious approach of large wallets on both Bitcoin and Ethereum will be decisive on the short-term direction of the market.
