Bitcoin whales have sold $12.7 billion worth of Bitcoin over the past month, marking the largest coin distribution of the year. Analysts note a significant reduction in whale reserves, dropping by over 100,000 BTC, indicating increased risk aversion among large investors. This heavy selling pressure has pushed Bitcoin's price below $108,000. The recent sell-off is the largest since July 2022, with a notable weekly change of 95,000 BTC shifted by whales. However, there are signs of reduced selling activity, as the weekly balance change fell to 38,000 BTC. Despite whale-driven pressure, institutional buying during this period has created a counterbalance, helping stabilize prices. Analysts suggest traders should monitor institutional purchasing trends, especially as macroeconomic events, like the Fed's rate decision, loom. While short-term volatility is evident, the longer-term outlook appears healthier, with Bitcoin only 13% down from its mid-August all-time high and showing potential for recovery. A currently low one-year moving average of $94,000 reflects positive long-term growth prospects for Bitcoin.

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