BTC Whales Sell Off $60 Billion: Analyzing Bitcoin Price Trends Amid Market Turmoil

Recently, the cryptocurrency market has been shaken by major news: on-chain data shows that since February 13, Bitcoin whale addresses have transferred approximately 900,000 BTC, worth up to $60 billion. This large whale sell-off has sparked widespread discussion about whether Bitcoin’s price will undergo a deep correction. Amid the intense supply pressure and market sentiment battles, Bitcoin is currently at a critical support zone. This article will analyze the current BTC situation and potential future trends from on-chain data, market supply and demand, and technical analysis, combined with Gate’s market data.

Bitcoin holdings fluctuation, source: Glassnode

Whale Movements: Market Logic Behind the Sell-Off

On-chain transfers by whales are often seen as signals of potential selling pressure. Data from sources like Santiment indicate that this massive fund movement suggests some early holders or large institutions are taking profits or adjusting positions within the current price volatility range. Such large-scale selling can easily lead to oversupply during sideways trading, weakening bullish momentum.

However, the market’s interesting aspect lies in the battle between bulls and bears. While these whales are selling, on-chain data also shows another scene: addresses holding between 1,000 and 10,000 BTC (another whale group) have accumulated about 98,000 BTC over the past month, with total holdings quickly rising back to 3.09 million BTC, forming a so-called “V-shaped accumulation.” This indicates that despite some major players exiting or holding back, there are still long-term bullish funds absorbing supply below.

Bitcoin whale sell-off, source: Santiment

Market Sentiment and Key Level Battles

As of February 24, 2026, according to Gate market data, Bitcoin (BTC) is trading at $63,311.1, down 3.72% in the past 24 hours, with a low of $62,704.7. Currently, market sentiment is rated as “neutral,” but the price has broken below the previous support zone of $65,000 to $70,000.

From a technical perspective, Bitcoin has formed a symmetrical triangle consolidation pattern over the past two weeks. Due to the substantial supply pressure from whale sell-offs, the price has broken downward from this pattern. The focus now is on the previous key support level at $64,142. If the price cannot quickly recover above this level, the next psychological support will shift down to the $60,000 mark.

Bitcoin price analysis, data source: TradingView

It’s worth noting that despite the price pressure, some medium-term holders (holding for 3 to 6 months) have not panicked and instead continued holding, reducing their supply by 5%. Historically, such behavior often helps establish a structural bottom, limiting further downside.

Bitcoin Price Forecast and Future Outlook

Based on current on-chain dynamics and technical patterns, BTC may test the $60,000 support level in the short term. If whale selling persists and $60,000 is broken, the market could further seek support around $58,000 or deeper liquidity zones.

However, long-term outlooks remain divided. As selling pressure is gradually absorbed, macroeconomic improvements and a trend of medium-term holders transitioning to long-term holders could provide a foundation for rebound. According to Gate Research Institute’s long-term forecasts, Bitcoin’s price in 2026 is expected to fluctuate between $47,402.78 and $67,812.31, with an average around $65,837.2.

Looking further ahead, with the next halving effect and increased institutional adoption, the market generally expects prices to resume upward. Projections suggest that by 2031, Bitcoin (BTC) could reach around $116,957.38, representing a potential return of +47.00% compared to today. Of course, this requires investors to navigate current turbulence with patience and risk management.

Conclusion and Risk Warning

In summary, the $60 billion whale sell-off is a sword hanging over the market, increasing the short-term risk of Bitcoin falling below $60,000. However, the chip turnover among different whale tiers and the steadfastness of medium-term holders also create a dynamic balance.

For retail investors, after the price breaks below the key $65,000 level, close attention should be paid to the defense around $62,000 to $60,000. The derivatives market has seen significant long liquidation in the past 24 hours, reminding participants of the risks of leverage. It is recommended to prioritize position control and risk management until the trend becomes clearer.