우민규 Woominkyu2026-05-21

Where Are Bitcoin Whales Moving?

On-chain data reveals a classic whale playbook over the past 20 days. Step 1 (May 1–4) — Accumulation While most retail investors were sitting on the sidelines, whales quietly moved Bitcoin off exchanges near $78K. On May 4, a single-day outflow of 6,590 BTC confirmed large holders were accumulating. Step 2 (May 5–12) — Distribution As Bitcoin rallied to a peak of $82,196, whales began sending coins back to exchanges. This is a classic sign of smart money selling into strength — taking profits while retail FOMO was building. Step 3 (May 13–20) — Continued Selling Pressure Despite a brief re-accumulation on May 15 (-8,059 BTC outflow), exchange reserves have surged from 2.677M to 2.696M BTC — the highest level this month. On May 18, whales moved 8,063 BTC into exchanges in a single day. Bottom Line: Whales bought low at $78K and are now distributing near $77K–$81K. With exchange reserves at a monthly high, selling pressure remains elevated. The $76K support zone is the key level to