Bitcoin Falls Below $80,000 as Whales Sell
Glassnode sees all wallet groups now selling on net, with whales especially taking profits after the strong August rally. The area around $83,000 and the 50-week moving average are keeping Bitcoin capped.
Key Takeaways
- Bitcoin has been in net selling for the first time since early June, while the price slipped back below $80,000 after struggling around $83,000.
- Glassnode reports that all wallet groups are selling; the Accumulation Trend Score is at 0.37, and whales with at least 1,000 BTC are especially taking profits.
- The price is running into resistance at $83,000 and the 50-week moving average around $79,687, after a strong rally in mid-August.
Bitcoin has moved into a phase of net selling for the first time since early June, while the price is struggling to stay above $83,000 (€71,400). The biggest crypto then fell back below $80,000 (€68,800) after a strong rise earlier in August.
Whales Take Profits
Glassnode sees that all wallet groups are now selling Bitcoin instead of buying more. The Accumulation Trend Score is at 0.37, which points to distribution. Especially whales with at least 1,000 BTC are active on the sell side.
That marks a clear shift from the nearly three months before that, when almost all groups were still accumulating. During that period, Bitcoin mostly moved sideways around $60,000 (€51,600). So the current wave of selling follows a longer stretch in which large and smaller holders were adding more coins.
Support and Resistance
Bitcoin is now getting stuck around the $83,000 (€71,400) zone, and the 50-week moving average, which Glassnode says sits at $79,687 (€68,600), is also capping the price. The pullback comes after one of the strongest weekly gains in years, when Bitcoin jumped from about $64,000 (€55,100) to $79,000 (€68,000) in mid-August.
That rally came alongside an announcement from U.S. Treasury Secretary Scott Bessent that the U.S. planned to buy back government bonds, which helped ease long-end yields in the bond market. That briefly gave the crypto market extra room, but a move back above recent resistance has not happened since.
Why This Matters for Investors
For European crypto investors, the key point is that this move is being driven not just by the spot market, but also by large wallet groups and the U.S. market. In June 2026, whale addresses were still buying more than 270,000 BTC around $59,000 (€50,800), while U.S. spot Bitcoin ETFs saw record outflows of about $4.06 billion (€3.5 billion) over the same period, according to Glassnode. That shows how quickly the behavior of big players can flip.
The recent pullback also fits the broader macro picture: higher interest rates and strong U.S. labor market data have put more pressure on Bitcoin in recent days, as described in Strong U.S. Jobs Data Pushes Bitcoin Below $80,000.
