220,000 BTC disappear in a year: are there whales behind Bitcoin’s slide?

Bitcoin whales have sold 220,000 BTC in a year as key figures remain low, with analysts predicting a potential cycle bottom by the end of 2026.

Whale ownership shows a sharp decline

According to CryptoQuant, wallets holding 1K-10K BTC saw a sharp decline in holdings. These wallets are often linked to large investors who can influence price developments. CryptoBusy commented:

Bitcoin Whale Behavior Shows a Clear Shift!

Data shows addresses with 1K–10K $BTC have dropped 220K $BTC year on year, marking the fastest decline since early 2023.

A similar turnaround in whaling occurred in 2021-2022 before the price peaked, making this trend worth noting… pic.twitter.com/0CL3KK7SYo

— CryptoBusy (@CryptoBusy) January 12, 2026

A drop of this magnitude was last seen in 2021-2022, when whale stocks fell by over 822,000 BTC. That decline occurred shortly before Bitcoin’s price peaked. In contrast, during growth phases such as 2020-2021 and 2023-2024, these wallets added more than 400,000 BTC. The recent move could mean that there is less interest in holding large amounts of BTC at current levels.

Meanwhile, the MVRV ratio, which compares Bitcoin’s market value to its average purchase price, has remained below 2. In previous cycles, the ratio climbed above 4.5 before major highs. In 2013, 2017 and 2021, these high levels indicated overheating.

Currently the MVRV ratio is close to 1.6. The data shows that Bitcoin has not yet reached the kind of price level that marks a cycle peak. CW8900, a supply chain analyst, said:

“The real rally is approaching and the end of the cycle will occur after the MVRV indicator enters the red zone.”

Bitcoin Price Outlook Points to Lower Support

Based on past trends, Bitcoin could move lower before a new base is formed. Chartist Ali Martinez believes the cycle bottom will form in about 267 days, and the expected range is between $38,000 and $50,000. Previous corrections in 2018 and 2022 lasted a year and fell more than 75% from highs.

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The peak of this cycle is estimated at $126,000. A 70% drop would drop Bitcoin to around $37,500. Previous forecasts also suggested that if selling pressure increases, the price could move towards $70,000 in the near term before testing lower levels.

Whale activity and market signals

Major wallets on Binance, Coinbase and Kraken showed net buying yesterday. CW8900 observed That “Then they pushed the price down with a small sales volume,“Which could indicate continued accumulation at current prices. The market is also looking forward to the upcoming US CPI release.

Bitcoin briefly reached $92,400 earlier this week before retreating to around $91,500. It is now trading at $92,000 (according to CoinGecko data). Over the past seven days, the price has fallen by 2%. As previously reported, the RSI has fallen below 60, which traders often see as a shift in trend strength.