Bitcoin Price Falters as Whales Start Selling Amid Bullish Calls

The Bitcoin price has been surrounded by bullish calls lately, but this alone has made market participants nervous. Some notable figures in the crypto space have shared their optimistic views on Bitcoin's future.

Roger Ver and Arthur Hayes have predicted that the price of Bitcoin could reach the hundreds of thousands quickly. Meanwhile, Standard Chartered reiterated a $500,000 target for the cryptocurrency. CZ also expects further growth in the market.

Strategy has announced a new $1.6 billion fund that could support further purchases of Bitcoin. However, address-balance data paints a less comfortable picture. The smallest tracked cohort, holding 0.001 to 1 BTC, hasn't shown renewed accumulation in August. Instead, holdings have declined since late July.

The 1-100 BTC group has also been distributing since mid-July. Meanwhile, 100-1,000 BTC holders have started accumulating after a prolonged decline from May into early July. However, the biggest cohort tells a very different story. Wallets holding 10,000-100,000 BTC accumulated from mid-June through the recent rally but their holdings peaked around August 21 before dropping sharply by August 24.