Bitcoin whales appear to be changing strategy after weeks of accumulation, according to recent on-chain data. Large holders first moved Bitcoin off exchanges near the $78,000 level before later sending coins back to trading platforms as prices recovered.
Where Are Bitcoin Whales Moving?
“Whales bought low at $78K and are now distributing near $77K–$81K. With exchange reserves at a monthly high, selling pressure remains elevated.” – By @Woo_Minkyu pic.twitter.com/KYxUufSdoM
— CryptoQuant.com (@cryptoquant_com) May 21, 2026
Are Bitcoin whales now taking profits near $80K?
Data shared by analyst Woominkyu shows whales accumulated Bitcoin between May 1 and May 4 while prices stayed around $78,000. On May 4 alone, about 6,590 BTC left exchanges, a move often linked to large investors buying and holding.
As Bitcoin later climbed toward $82,000, whale activity shifted. Between May 5 and May 12, more Bitcoin started moving back onto exchanges, suggesting some large holders were preparing to sell into market strength.
What does rising exchange reserve data mean for Bitcoin?
The trend continued through May 20 despite a short period of renewed accumulation around May 15. Exchange reserves reportedly climbed from 2.677 million BTC to 2.696 million BTC, the highest level recorded this month.
On May 18, whales moved more than 8,000 BTC onto exchanges in a single day. Rising exchange balances are often watched closely because they can signal growing selling pressure in the market.
Could the $76K support level become Bitcoin’s next test?
Analysts say the recent movements suggest whales bought near lower price levels and are now distributing holdings between roughly $77,000 and $81,000.
With exchange reserves continuing to rise, traders are watching whether Bitcoin can hold support near the $76,000 range. A break below that level could increase pressure on the market if whale selling continues.
Meanwhile, Bitcoin traded just below $77,000 during Asian hours on Wednesday, showing limited movement amid rising geopolitical tensions over the Strait of Hormuz. The world’s largest cryptocurrency edged up 0.1% over 24 hours but remained down 0.8% on the week, reflecting a cautious market tone.
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