David Bailey Says Bitcoin Needs to Slay ‘Two Massive Whales’ Before Hitting $150K – Who Are They?

Bitcoin CEO and Trump crypto policy adviser David Bailey claims two massive whales are preventing Bitcoin from reaching $150,000, with one down and another halfway eliminated.

The cryptic reference points to large-scale Bitcoin holders who executed multi-billion-dollar sales, creating downward pressure that has kept prices below Bailey’s ambitious target, despite the momentum of institutional adoption.

Bailey responded to community speculation by confirming the whales operated at specific price levels, with “one for 80k bitcoin and the other for 120k bitcoin.”

Market analysis suggests one whale executed approximately $2.7 billion in BTC sales on August 24, while another early investor rotated roughly $4 billion worth of Bitcoin into Ethereum since late August.

The only reason we’re not at $150k right now is two massive whales- once they’re slain (1 down, 1 halfway there)… up only.

Speculation centers on two anonymous large-scale Bitcoin holders whose selling activity has suppressed price momentum throughout the current cycle.

The first whale reportedly completed massive liquidations worth $2.7 billion in a single day, while the second continues rotating substantial Bitcoin positions into alternative cryptocurrencies.

Bailey previously declared Bitcoin would experience no bear market for several years, citing massive institutional adoption from sovereigns, banks, insurers, corporations, and pension funds.

His no-bear-market thesis contradicted traditional four-year cycle analysis, arguing the market hadn’t captured even 0.01% of its total addressable market.

Corporate Bitcoin holdings have surged to over $400 billion across nearly 312 entities, with public companies accounting for over 50% of institutional reserves.

MicroStrategy leads with over 632,457 BTC, followed by MARA Holdings with more than 50,639 BTC; yet, Bitcoin struggled to stay above its $124,000 all-time high reached on August 13.

The whale selling pressure coincided with technical deterioration, including bearish divergences across multiple timeframes and a double-top pattern with a neckline around $112,000.

On Aug 29, Bitcoin broke below the key $110,000 support zone, extending drawdowns over 13% from peak levels and raising concerns about deeper corrections.

Early Bitcoin holders began rotating assets into Ethereum positions, with one whale moving 400 BTC, worth approximately $45.5 million, into leveraged ETH positions.

Another holder sold 24,000 BTC within hours, contributing to institutional portfolio rebalancing away from Bitcoin concentration.

Bitcoin closed August at $109,000, marking a 6% monthly decline during what historically represents the cryptocurrency’s weakest-performing period.

September typically delivers average losses of 3.77% during bull market years, earning the nickname “Rektember” among traders facing additional seasonal headwinds.

US spot Bitcoin ETFs recorded their first weekly outflows since June, with $126.64 million in net redemptions snapping a six-week streak of consistent inflows.

August delivered $751.1 million in total outflows compared with $6 billion in inflows during July.

Ethereum ETFs significantly outperformed Bitcoin products, attracting nearly $4 billion in inflows in August, while Bitcoin funds recorded $622.5 million in net outflows.

The divergence coincided with ETH’s relative price strength, erasing year-to-date underperformance against Bitcoin with 13.8% gains.

Technical indicators are presenting concerning signals for potential Bitcoin recovery attempts.

The 50-day exponential moving average at $114,000 now acts as strong resistance, while momentum indicators, including MACD, turned negative with bearish crossovers across multiple timeframes.

Bitfinex analysis identifies the current Short-Term Holder Realized Price at $108,900 as a key pivot, with sustained trading below this level likely fueling additional downside toward the $93,000-$95,000 cyclical floor zone.

Exchange order flow metrics indicate neutralized spot sentiment, reinforcing views that buyers await stronger catalysts.

CryptoQuant’s Bull Score Index reached 40, transitioning to the “Getting Bearish” phase as retail trader sentiment reached extreme bearish levels following drops below $113,000.

However, institutional accumulation persists despite retail liquidations, as some investors sell while others buy the dip.

Multiple analysts maintain longer-term bullish targets despite technical deterioration.

VanEck has recently reaffirmed its $180,000 year-end target, citing the massive institutional adoption that has slowed down but is expected to pick up again.

Similarly, in July, Arthur Hayes projected $250,000 for Bitcoin and $10,000 for Ethereum by the end of 2025, citing the Trump administration’s economic policies and credit-heavy strategies.

Most recently, Eric Trump reinforced his ultra-bullish sentiment at Bitcoin 2025 Asia, reaffirming his $1 million Bitcoin prediction based on surging demand from governments, corporations, and wealthy families.

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