Two Mega Whales Are Blocking Bitcoin’s Path to $150K

While some traders dismiss the pullback as a natural reset, others argue the real weight on the market comes from a handful of oversized players.

The Whale Bottleneck

David Bailey, CEO of Nakamoto and crypto adviser to Donald Trump, claims two enormous wallets may be capping Bitcoin’s upside. Together, they control roughly 200,000 BTC — one holding 80,000 coins, the other 120,000. He believes the market won’t move decisively higher until this supply has been absorbed, though he insists it’s just a matter of “one whale at a time.”

Flash Crashes and Rotations

The influence of big sellers has already been felt. Late August saw a 24,000 BTC dump that triggered half a billion dollars in liquidations within hours. Other whales have rotated out of Bitcoin entirely, selling into ETH: one shifted 400 BTC on Hyperliquid before buying Ether, another unloaded 2,000 BTC for nearly 49,000 ETH. Such moves have unnerved traders already coping with thin ETF demand.

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Corrections in Context

Still, analysts argue this drawdown looks tame compared with past cycles. Since topping out near $123,000, Bitcoin has shed about 12%. CryptoQuant strategist Darkfrost points out that previous corrections ran as deep as 28%, often paving the way for stronger rallies by flushing out excess leverage.

Market veteran Michael van de Poppe expects Bitcoin to break upward eventually but warns of another leg down, possibly into the $100K–$103K range, before the next surge.

Healthy Pause or Structural Roadblock?

For now, the market is caught between two narratives. To some, this is just a breather in a bull run. To others, the presence of whales with massive holdings is a structural drag. If those sales slow, Bailey suggests the breakout everyone is waiting for could finally carry Bitcoin to $150,000.

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