Bitcoin’s inability to hold the $60,000 floor is no longer just a technical wobble. On-chain data now shows that a specific cohort of large holders has been actively distributing coins, applying downward pressure that finally pushed the price below that psychological level for the first time in over eight months.
According to the on-chain update from Santiment, wallets holding between 10 and 10,000 BTC collectively offloaded 45,074 coins in the past eight days. That selling aligned with Bitcoin’s drop beneath $60,000, a level the asset had held since October 10, 2024.
The sheer volume of coins dumped over such a short window points to conviction-driven selling rather than casual profit-taking. This bracket of stakeholders includes mid-sized whales and smaller institutional addresses that can move markets when they act in concert. The fact that they reduced exposure while Bitcoin was flirting with a multi-month support suggests they viewed $60,000 as a liability rather than an opportunity.
The move also coincides with broader macro uncertainty. Regulatory horse-trading in Washington has kept crypto markets on edge, with a landmark crypto bill facing a last-minute bank assault. Such legislative friction can shift risk appetite for large holders who need clarity before maintaining outsized positions.
The sell-off also arrives as liquidity conditions tighten. Spot volume on major exchanges has been declining, and the derivatives market has seen repeated long squeezes. Should the 10-10K cohort continue offloading, the path of least resistance could lead toward the $55,000 area, which coincides with the 200-day moving average and represents the next major support cluster.
What the Distribution Tells Us About Market Structure
Whale distribution of this size usually leaves traces on exchange balance sheets. If the 45,074 BTC moved to trading platforms, it would represent a direct increase in liquid supply. If instead the coins shifted into custodial services or OTC desks, the market impact might be more muted in the short term. Santiment’s post did not specify the destination, so exchange flow data in the coming days will be critical for gauging near-term selling pressure.
Historically, prolonged distribution from the 10-10K BTC cohort has marked local tops or at least extended consolidation periods. In the 2024 cycle, similar behavior from these wallets preceded the multi-week pullback that ended in the October low. Traders will be watching whether spot CVD turns negative again and whether perpetual funding rates stay negative, signaling a persistent shift in sentiment rather than a one-off flush.
What remains uncertain is whether this selling wave has run its course. The dataset covers only eight days, and the break below $60,000 could trigger stop-loss cascading and fresh short entries that magnify the move. On the other hand, should exchange reserves stay flat or decline, it would suggest the coins have simply changed hands within the whale cohort rather than flooding the market. That scenario would leave Bitcoin in a rangebound battle rather than confirming a full-scale breakdown.
For now, the on-chain signal is unambiguous: important stakeholders lightened positions ahead of the support breach. Whether that proves to be a prudent de-risking or a missed opportunity will depend on how the broader market digests the return to sub-$60,000 territory.