Bitcoin’s Path To $150K Blocked By Whales, David Bailey Says

Nakamoto CEO and crypto advisor to the Donald Trump administration David Bailey says that Bitcoin (BTC) would already be at $150K if it weren’t for two whales that he believes are actively selling the crypto. 

“The only reason we’re not at $150k right now is two massive whales,” Bailey said on X. “Once they’re slain” BTC will go “up only,” he added.

He said that one whale has already been taken care of, leaving the market to absorb sales only from the other. 

Bailey’s post comes after a whale sold 24K BTC worth approximately $2.7 billion on Aug. 24, leading to a flash crash in the crypto market. This liquidated around $500 million in leveraged positions over the course of minutes. 

Whales Appear To Be Pivoting From Bitcoin To Ethereum

The selloff by Bitcoin whales appears to be part of a pivot from the leading crypto to the largest altcoin by market cap, Ethereum (ETH).

One particular whale, which on-chain analytics platform Lookonchain refers to as “the Bitcoin OG,” has sold a total of 35,991 BTC valued at over $4 billion since Aug. 20. Despite this extreme selling activity, the whale still holds 49,634 BTC valued at $5.34 billion across 4 wallets, the firm said. 

Since Aug 20, the Bitcoin OG has sold 35,991 $BTC($4.04B) and bought 886,371 $ETH($4.07B) at a 0.0406 rate on #Hyperliquid.

He still holds 49,634 $BTC($5.43B) in 4 wallets. pic.twitter.com/ns7T1zMtAO

— Lookonchain (@lookonchain) September 1, 2025

In an X post earlier today, Lookonchain said that a whale with the address “0xFf15” has sold 425 BTC worth $46.5 million over the past 4 days as well. Similar to the “Bitcoin OG,” this large investor used all of the funds from the sale to buy ETH.

Analysts Share Mixed Views On BTC’s Next Move

Bitcoin’s price has managed to print a gain in the last 24 hours despite the selling pressure from whales. Data from CoinMarketCap shows that the crypto rose over 1% to trade at $110,223.05 as of 3:28 a.m. EST. 

BTC price chart (Source: CoinMarketCap) 

That 24-hour gain was enough to push the crypto’s weekly performance back into the green by a fraction of a percentage as well. This is as BTC enters what has historically been a bearish month for the crypto. 

Since 2013, there have only been four instances where BTC has closed September in the green, according to Coinglass data.

However, there are analysts that maintain a bullish outlook for BTC’s price. 

Among them is pseudonymous crypto trader and analyst “Captain Faibik,” who said on X today that BTC has broken out of a falling wedge pattern. This is generally considered a bullish chart pattern, and shows weakening sell pressure. With the breakout now “confirmed,” the analyst told his over 106.2K followers that BTC will soar to $116K soon.

That bullish outlook is shared by another trader and analyst that goes by the X username “Mister Crypto.” In a Sept. 1 X post to his more than 142.7K followers, he noted that three consecutive buy signals have emerged on BTC’s chart recently. 

The last time that happened, Bitcoin “went parabolic,” he said, before speculating that history will repeat itself.

But not everyone is convinced. This includes renowned trader and analyst Michael van de Poppe. Following the August monthly candle close, which he says was “not the best candle on $BTC,” van de Poppe told his 805.3K followers that he would be surprised “if we’re going to be running back towards the ATH.” 

He warned his followers that he anticipates a new low will be recorded this month. If this happens, it will “finalize the correction” before BTC starts to rise in the fourth quarter, he added. 

Bitcoin ETPs Hold 7% Of BTC’s Supply

While traders and investors brace for a potentially bearish September, Bitcoin ETPs (exchange-traded products) are quietly building up their BTC reserves.

According to data shared by the X account HODL15Capital, BTC ETPs hold over 1.47 million Bitcoin as of Aug. 31. This amounts to 7% of the crypto’s supply. 

🌎 AUGUST Global Bitcoin ETF update 👇 pic.twitter.com/6VkRsTmOU2

— HODL15Capital 🇺🇸 (@HODL15Capital) September 2, 2025

US BTC ETFs (exchange-traded funds) hold the majority of that Bitcoin, with their collective holdings of more than 1.29 million coins. Of this amount, BlackRock’s IBIT holds 746,810 BTC, the data showed.

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