Bitcoin Under Pressure: Spot Volume Tanks, But Whales Buy 43,100 BTC — Who Wins the Tug of War?

Key Insights

• Bitcoin investors have been aggressively selling offloading $300 million worth of BTC

• However, whales are also buying, increasing holding by almost $1 billion

Bitcoin Sellers Dominate the Market

Over the past few days, Bitcoin’s spot market has taken a sharp turn — and not in a good way. According to fresh on-chain data, BTC spot volume delta (7-day SMA) has plunged dramatically, suggesting that sellers are beginning to take control.

BTC Spot Volume Delta chart illustrates significant aggressive selling activity, with large red bars indicating a substantial decrease in volume as prices fluctuate.

Over the past 3 days, investors have been aggressively selling. On April 27, they sold $30.9 million, followed by $76.1 million and $193.4 million.

That’s nearly $300 million in net negative spot volume in just three days. It’s a worrying sign — and potentially a signal that we’re entering a cooling phase after weeks of bullish momentum.

Aggressive Sellers Dominate: Buyer Fatigue or Profit-Taking?

The shift toward negative spot volume means more BTC is being sold at the market than bought, a clear indicator that aggressive sellers are starting to dominate. This could point to a few possibilities: Firstly, profit-taking after a strong rally or Buyer exhaustion — bulls might be running out of steam

A potential local top forming

Glassnode's Supply Mapping data reveals bearish pressure on Bitcoin, illustrating cumulative supply dynamics across various buyer cohorts, alongside a fluctuating price trend from January to April 2023.

This bearish pressure is backed by Glassnode’s proprietary Supply Mapping data. Their Profit Taker RSI (7D) — a measure of how much profit is being realized — has spiked to 82, a level historically associated with increased sell-side activity and reduced upward momentum.

But Wait — Whales Are Quietly Buying

Despite the sharp decline in spot demand, not everyone is running for the exits. In fact, Bitcoin whales (wallets holding large amounts of BTC) appear to be doing the opposite — they’re buying.

Bitcoin whales increase their holdings by nearly $1 billion, as depicted in the rising trend of the total balance graph from April 13 to April 27, 2025, reaching 3.5413 million BTC.

In the last two weeks alone, whales have added over 43,100 BTC to their stacks — that’s nearly $4 billion worth of Bitcoin scooped up during this volatility.

This kind of accumulation by deep-pocketed investors suggests that not all players believe the rally is over. On the contrary, whales often buy when retail traders panic — and history shows they tend to win the long game.

What Does It All Mean?

The market appears to be caught in a tug of war: On one side: Short-term traders and profit-takers cashing out after strong gains. On the other: Strategic whales absorbing supply and betting on higher prices ahead

If spot demand continues to weaken while sellers push harder, we could see a short-term correction. But if whale accumulation continues at this pace, it might provide the fuel needed for the next leg up.

Final Thoughts

Markets don’t move in straight lines — and this current shake-up might just be a healthy breather. However, the clash between sellers cashing out and whales buying in is worth watching closely.

Will whales rescue the rally — or is this the start of a deeper pullback? Either way, the coming days could be pivotal for Bitcoin’s short-term trajectory.