Bitcoin's most loyal investors just unloaded $2.4 billion worth of the cryptocurrency, pushing the price below $70,000 for the first time since April. The sell-off from high-conviction holders — typically the last crowd to sell in a downturn — could mark the final phase of a bear market.
A $2.4 billion exit
Data tracked by the exchange shows that wallets classified as high-conviction holders — those that rarely move their coins — moved $2.4 billion to exchanges over the past week. That's the largest such outflow in months. The timing coincides with Bitcoin's slide from roughly $73,000 to just under $70,000.
These holders aren't day traders. They've held through previous drawdowns without flinching. When they start selling in bulk, it's worth paying attention.
Below $70,000
Bitcoin dipped to $69,800 on Wednesday, its lowest point since early April. The $70,000 level had held as support for weeks. Losing it so quickly caught some traders off guard. Volume spiked as stop-losses triggered, and the sell-off accelerated into the afternoon session.
The drop also pulled the broader market down. Ethereum lost roughly 4%, and most altcoins followed. But the story this week is really about Bitcoin's faithful — the ones who held through the 2025 rally and the rough patches that followed.
What the sell-off might mean
When the strongest hands capitulate, the argument goes, the bottom may be near. The sell-off by high-conviction holders may indicate a late-stage bear market — the kind where even believers throw in the towel before the cycle turns. That's a pattern that has played out before, though each cycle has its quirks.
No one's calling the bottom yet. But a $2.4 billion transfer from the most committed cohort is the kind of signal that makes you stop and look twice.
Whether this is the final washout or just another leg down remains the open question. For now, the market is watching what the whales do next.
