Bitcoin experienced downward pressure as significant Bitcoin outflows were observed across major exchanges. Concurrently, social media commentary suggested substantial selling activity by large holders and trading firms. Adding to market uncertainty, a bearish technical analysis emerged, prompting discussions among traders about the potential for deeper price declines.
Large BTC Outflows Observed on Major Platforms Amid Allegations of Coordinated Selling
A post on X by DeFiTracer stated that "insiders sold 22,918 BTC," attributing a broad market downturn to extensive Bitcoin selling across exchanges and trading firms. The post identified specific amounts of Bitcoin outflows from Coinbase (2,417 BTC), Bybit (3,339 BTC), Binance (2,301 BTC), and Wintermute (4,191 BTC), alleging that whales and exchanges collectively sold over $4 billion worth of BTC within the last hour.
Data displayed on Arkham's Bitcoin flows view indicated substantial outflows linked to prominent entities during the observed period, with Bitcoin trading at approximately $92,550 at the time of the snapshot. The list highlighted a top outflow of around 2,425.1 BTC. Coinbase was also noted with approximately 2,417.29 BTC in outflows. Binance's hot wallet registered outflows of about 2,301.61 BTC, and Bybit's hot wallets showed outflows including approximately 1,814.26 BTC and 1,525.05 BTC.
It is important to note that the figures from Arkham reflect wallet movements but do not inherently disclose the intent behind these transactions. Transfers can represent customer withdrawals, internal wallet rebalancing, custody movements, or other operational activities, and do not automatically confirm spot selling. Consequently, the claim by DeFiTracer of a "coordinated dump" remains an allegation, despite the on-chain dashboard illustrating unusually large BTC outflows associated with major venues.
Bitcoin Bear Flag Pattern Sparks Debate Over Potential Price Crash
In parallel, a Bitcoin commentator on X suggested that the "mother of all Bitcoin crashes" has already commenced. This perspective argued that the recent price rebound appeared to be a deceptive move rather than the beginning of a new upward trend.
Operating under the username King of the Charts, the commentator asserted that Bitcoin had "already topped and started a bear market." This conclusion was based on the analysis of weekly moving averages and the identification of a bear flag formation as key indicators. The post posited that Bitcoin had rebounded from the 100-week moving average and subsequently began forming a continuation pattern that could lead to lower prices if the rally falters.
The analysis indicated that a measured move from the bear flag formation targets approximately $61,000. This level would bring Bitcoin back towards a lower rising trendline and the 200-week moving average depicted in the chart. The commentator framed this potential price zone as a decline of over 50% from the previous peak, adding that historical bear markets often initiated with comparable drops.
Should Bitcoin reach this projected zone, the post predicted that a stronger rebound could occur, with the price potentially recovering towards the 50-week moving average. However, the user expressed that the current bounce appeared less significant, characterizing it as a brief relief movement preceding another downward trend.
The account also stated its shift to a bearish outlook following what it described as a market top on October 6, 2025. This assessment was supported by multiple signals observed on daily and weekly time frames, as well as resistance encountered at two major trendlines. These claims represent the technical viewpoint of a single trader and are not independently confirmed by market data.