CryptoQuant analyst Woominkyu said that large holders are currently actively rotating positions in the price range of $77,000 to $81,000.
On May 18, over 8,000 bitcoins flowed into exchanges, indicating increased short-term selling pressure.
Analyst Ali Martinez believes that $77,800 is the most important short-term breakout resistance level for Bitcoin.
After a recent wave of selling, Bitcoin is attempting to stabilize around $78,000, but data from CryptoQuant suggests whales may still be preparing for further distribution rather than a major breakout.
As of now, Bitcoin is trading at approximately $77,822, rebounding about 1.4% over the past 24 hours after a broad decline in the cryptocurrency market last week.
Bitcoin whales quietly accumulate
According to certified CryptoQuant analyst Woominkyu, over the past 20 days, whale wallets have consistently followed a clear three-phase trading pattern: accumulating near local lows, then steadily selling off during periods of strength.
The first phase began from May 1 to May 4, when Bitcoin was trading near $78,000. During this period, large Bitcoin holders quietly withdrew Bitcoin from exchanges, while retail traders remained cautious.
CryptoQuant data shows that on May 4 alone, approximately 6,590 bitcoins flowed out of exchanges, indicating that whales anticipated a short-term rebound in Bitcoin and began buying in large quantities. This buying pressure pushed Bitcoin higher over the following week, reaching a local high near $82,196.
Where have the Bitcoin whales gone?
— CryptoQuant.com (@cryptoquant_com)May 21, 2026
Large players bought at $78,000 and are now selling around $77,000 to $81,000. Selling pressure remains high as reserves are at a monthly high.” — Author @Woo_Minkyupic.twitter.com/KYxUufSdoM
As the price of Bitcoin rises, whales are beginning to sell.
However, according to Woominkyu, after the price of Bitcoin rose, the behavior of whales shifted rapidly. Between May 5 and 12, large holders began transferring Bitcoin back to exchanges—a classic signal that savvy investors may be taking profits, while retail investors are becoming bullish. Selling pressure continued through the second half of May.
Although whales briefly withdrew approximately 8,059 bitcoins from exchanges on May 15, the overall reserve trend of exchanges remains upward.
CryptoQuant data shows that Bitcoin reserves on exchanges increased from approximately 2.677 million to nearly 2.696 million, reaching a monthly high. One of the largest transactions occurred on May 18, when a whale reportedly transferred 8,063 Bitcoin back to exchanges within a single day.
What will be the future direction of Bitcoin?
Woominkyu believes that current whale activity indicates Bitcoin is still between accumulation and distribution, rather than entering a strong breakout phase.
Analysts warn that rising exchange balances typically increase short-term selling pressure, as more Bitcoin becomes available for trading.
Meanwhile, cryptocurrency analyst Ali Martinez has identified $77,800 as a key level to watch. If the price confirms a breakout above this level, Bitcoin could move toward $79,000; if it fails to break through, Bitcoin may retreat to support areas near $76,900 and $76,000.
On-chain data shows that whales are still actively rotating their positions around $77,000 to $81,000, rather than accumulating for the long term.