Bitcoin whales ramp up selling as bearish momentum builds

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Bitcoin (BTC) whales have intensified their selling pressure as of March 30 amid bearish sentiment in the medium term.

​The Bitcoin Exchange Whale Ratio – a metric tracking the proportion of the top-10 exchange inflows to total exchange intake across all platforms – currently stands at 0.57, with its 30-day Simple Moving Average (SMA) trending upward, according to CryptoQuant’s data. Historically, a rising whale ratio signals increased selling pressure and has preceded bearish price performance.

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Bitcoin exchange whale ratio for 12 months. Source: CryptoQuant

​The heightened selling pressure from Bitcoin whales is also supported by the negative phase of its whale 30-day % change, a metric that tracks whether large-wallet holders are growing or shrinking their BTC stockpiles over time. After aggressive accumulation at the start of the year, this indicator turned negative in March, indicating that whales have shifted from buying to distributing.

Bitcoin whale 30-day % change for 12 months. Source: CryptoQuant

What’s the impact of renewed selling pressure on Bitcoin on the BTC price?

As whale investors led by Mara Holdings (NASDAQ: MARA) accelerated their Bitcoin liquidations, the flagship coin has faced rising selling pressure.

BTC/USD 7-day performance. Source: Finbold

As whale selling pressure intensified across the market, BTC failed repeatedly to breach the resistance zone around $71,000 over the past several weeks. The coin subsequently dropped 3.29% over the past seven days, trading near $67,780 at press time.

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BTC daily chart. Source: alicharts

The renewed selling pressure has raised the odds of a capitulation event similar to Bitcoin’s sharp drawdown in February 2026, according to analysis trading expert Ali Martinez. Martinez also noted that BTC has been forming a descending triangle over the past two months – a classically bearish pattern characterized by a declining resistance line and a relatively flat support floor – which, combined with rising whale distributions, compounds the downside risk.

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