Bitcoin Price Prediction: OG Whale Dumps 80,000 BTC – And Bitcoin Still Looks Ready to Blast Higher

Bitcoin remains impressively stable near $118,000 even after a massive over-the-counter sale of 80,000 BTC, worth over $9 billion, hit the market. The transaction, executed by Galaxy Digital and tied to dormant Satoshi-era wallets from 2011, caused a brief 4% price drop last week.

However, BTC quickly recovered, underscoring the strength of institutional demand.

According to K33 Research’s Vetle Lunde, institutional investors and Bitcoin-linked products collectively accumulated 115,165 BTC in July. Even after subtracting the whale’s sale, net flows still show a surplus of 35,165 BTC. This strong absorption capacity is keeping Bitcoin afloat amid heavy selling pressure.

#Ethereum open interest dominance has climbed to nearly 40%, its highest level since April 2023. Only 5% of days have seen a higher reading. This marks a clear shift in speculative focus, with capital rotating from $BTC to $ETH at the margin. pic.twitter.com/yNKLe9gJKt

Meanwhile, technicals show a symmetrical triangle on a 4-hour timeframe. The pattern is formed by lower highs and higher lows and usually precedes a breakout. The resistance is at $120,283, and the trendline support at $117,000 is being watched by traders.

While spot is calm, Bitcoin derivatives are showing tension. Open interest in BTC perpetual futures has gone above 300,000 BTC, levels not seen since November 2024. Interestingly, funding rates are neutral, so the leverage is probably driven by institutional hedging rather than pure speculation.

Lunde notes this could be OTC desks like Galaxy hedging their large sales through short futures positions. This keeps funding rates in check, but the high open interest could lead to liquidation cascades if a big move triggers stop-outs on both sides.

Key points:

• BTC perpetual open interest above 300K BTC
• Funding rates are neutral, despite leverage
• Support at $117K, resistance at $120.3K
• Watch for volume on a breakout

While Bitcoin holds, Ethereum is seeing clear institutional demand. Since mid-June, ETH ETFs have absorbed over 1.6 million ETH, more than the total of the previous 11 months combined. This momentum helped ETH gain 52% over the past month and pushed the ETHBTC ratio to 0.032, its highest reading since January.

#Ethereum open interest dominance has climbed to nearly 40%, its highest level since April 2023. Only 5% of days have seen a higher reading. This marks a clear shift in speculative focus, with capital rotating from $BTC to $ETH at the margin. pic.twitter.com/yNKLe9gJKt

CME data shows that non-leveraged institutional players added 527,000 ETH in July alone, signaling directional long bets. Glassnode reports that Ethereum’s perpetual open interest dominance has risen to nearly 40%, a level rarely seen since early 2023. This shift hints at speculative rotation away from Bitcoin, at least temporarily.

With U.S. macro catalysts looming, including the FOMC rate decision, Trump’s tariff deadline on Aug. 1, and a potential White House crypto report, traders should expect sharp volatility across both BTC and ETH.

Technically, Bitcoin is inside a symmetrical triangle on the 4-hour chart, with price coiling between lower highs and rising trendline support. This is a setup for a big breakout. BTC is currently at $118,000, just below the 50-SMA at $118,204, which is now acting as resistance.

The RSI is at 48, neutral but rising, so momentum is building. Price just bounced off the ascending support at $117,025 and is making higher lows, which is bullish accumulation. Several small candles, including Dojis and spinning tops, are showing market indecision, which is common before a breakout.

Key levels to watch:

• Resistance: $120,283 (top of triangle)
• Breakout targets: $122,845 and $125,408
• Support: $117,025 then $114,532 and $111,799

If BTC breaks above $120,283 with volume and RSI strength, we should see momentum to $125K. A break below $117K could see support at $111,799.

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