Bitcoin (BTC), the largest digital asset, is facing heightened selling pressure triggered by a significant market crash that started this week. Following the renewed drastic declines in crypto prices, a whale identified as “Bitcoin OG” today deposited 300 BTC tokens to Binance, according to data tracked by Lookonchain.
This selling activity has provoked anxiety among traders about whether the crucial $110,000 support level can resist further downturn pressure. As Bitcoin navigates through this stormy market, its critical support points at $110,201, while its price currently stands at $111,390.
Weakening Momentum and the Cause
History will remember October 11, 2025, as one of cryptocurrency’s defining upheavals of the year. Bitcoin’s 10% plunge caused a chain of liquidations across exchanges, wiping out more than $5 billion in trades.
Crypto assets witnessed an abrupt market crash during that day, sparked by the US President’s announcement on China tariffs. The development sent shockwaves across international markets and influenced global investors to sell high-risk assets like virtual currencies in preference for safer financial instruments.
As a result, the crypto market has experienced a sharp decline in its market cap, which currently hovers at $3.73 trillion – a decline from a recent record high of $4.35 trillion noted on October 7 when Bitcoin climbed to a new ATH of $126,000 while Ethereum reached $4,500. BTC, which currently hovers at $111,653, is down 10.38% over the past week, driven by whales exiting their positions.
As flagged by Lookonchain’s data, the ongoing market plunge pushed a long-term whale to dump his 300 BTC valued at $33 million to the centralized exchange, Binance. The whale’s activity hints that long-term BTC holders are selling their tokens amid the market downturn, a strategy they use to lock in profits gained over the long term.
As per the data, the whale, who is a long-term investor, bought 749 BTC from Mt. Gox exchange in 2012 at a cost of $11 for each token. Since then, the investor has been holding the tokens, showing his strong conviction in the cryptocurrency’s capability.
What Next For BTC Price?
With the continued selling by long-term investors, which has caused heightened volatility in the market, some market analysts predict a potentially greater plunge in BTC ahead. Yesterday, market analyst Ali Martinez shared a pessimistic outlook for BTC. As per his projection, the digital asset could experience a fall to $96k, and if sellers continue to outweigh buyers, it could further drop to $70,000.
The recent selling activity by whales has also come with a cool-down in institutional interest. Data tracked yesterday by Farside Investors identified that US Spot Bitcoin ETFs registered inflows worth $197.8 million on October 7, which is described as the lowest daily inflow this month.
