Massive BTC USD moves revealed: Why did early investors cash out $117 million in Bitcoin while whales are on a buying spree? What's next for the crypto

Bitcoin BTC USD market update: Bitcoin is hovering around $70,500 after failing to hold a push toward $75,000 following the recent Fed decision, but beneath the surface, the market is showing a split between long-time holders exiting and large investors stepping in, as per a report.

$117 Million Bitcoin (BTC USD) Sell-Off Explained: Why Early Investors Are Cashing Out

On March 19, two early Bitcoin holders sold a combined $117 million worth of BTC, as per a 24/7 Wall St report. One wallet, which bought 5,000 BTC about 12 years ago at roughly $332 per coin, has now sold 3,500 BTC for an estimated $330 million profit, while still holding around 1,500 BTC. Another seller, linked to early investor Owen Gunden, completed a much larger exit, moving about 11,650 BTC worth $1.16 billion over five months and fully closing out all tracked positions, as per the 24/7 Wall St report.

Whale Buying Spree: What 270,000 BTC USD Accumulation Means

Despite this selling, Bitcoin has managed to stay above $70,000, largely supported by strong buying from whale wallets. Addresses holding over 1,000 BTC added 8,400 coins within 48 hours of the Fed decision, contributing to a total of 270,000 BTC accumulated by large holders over the past 30 days, the biggest monthly increase since 2013.

Bitcoin Supply Shock: Exchange Reserves Hit Multi-Year Lows

At the same time, Bitcoin supply on exchanges has dropped to 2.7 million BTC, the lowest level since 2018, as coins continue moving into cold storage, ETFs, and corporate treasuries.

Institutional Moves: ETF Inflows and Strategy’s Massive Bitcoin Buy

Institutional activity has also played a role. Spot Bitcoin ETFs saw seven straight days of inflows between March 9 and 17, totaling $1.17 billion, although that streak ended with a $129 million outflow on March 18. Meanwhile, Strategy added 22,337 BTC worth $1.57 billion in a single week, bringing its total holdings to 761,068 BTC, as per the 24/7 Wall St report.

Market Sentiment Drops: Understanding Extreme Fear in Crypto

Market sentiment, however, remains cautious. The Fear & Greed Index has stayed in extreme fear territory for 46 consecutive days and currently sits at 11. Historically, similar levels have appeared during major downturns like the COVID crash, the Terra-Luna collapse, and the FTX fallout, as per the 24/7 Wall St report. In past cases, Bitcoin went on to post strong gains over time, though not immediately.

Bitcoin RSI Signals Oversold Conditions: What History Suggests

Momentum indicators also suggest stress, with Bitcoin’s weekly RSI dropping below 30 for only the third time in its history, levels previously seen before long-term bull runs.

BTC USD Outlook 2026: Recovery Signs or More Volatility Ahead

While the recent selling from early investors has drawn attention, the broader picture shows conditions similar to past recovery phases, with strong accumulation, reduced exchange supply, and deeply negative sentiment all happening at once.

FAQs

Who sold $117 million worth of Bitcoin?
Two early Bitcoin holders, including one long-term wallet and another linked to Owen Gunden.

Are whales really buying Bitcoin right now?
Yes, large wallets added about 270,000 BTC in the past 30 days.