Bitcoin Whales Unload $3.4B in December; BTC Stalls at $92K Resistance: Glassnode

Bitcoin’s latest rally is hitting a frustrating ceiling, and on-chain data finally explains why. According to Glassnode, whales have unloaded roughly $3.4 billion worth of BTC in December, creating a steady stream of sell pressure that’s preventing Bitcoin from breaking cleanly above the $92,000 resistance zone.

Whales Are Selling — Not Accumulating

While retail traders and smaller investors have been buying dips, large holders — wallets with thousands of BTC — have quietly shifted into distribution mode. Some are taking profits after the strong run earlier in the year, while others appear to be derisking ahead of 2026 macro uncertainties, including Fed policy shifts and global liquidity tightening.

This wave of selling doesn’t necessarily reflect panic; it’s more strategic rotation. But the sheer scale means every breakout attempt is being met with heavy supply.

Why $92K Is Proving So Hard to Break

The $92K region has turned into a battleground. Each time BTC approaches this level, whale sell orders absorb momentum and push prices back down. Until that supply lightens or fresh inflows pick up, Bitcoin is likely to keep chopping sideways.

Is This Bearish… or Just a Mid-Cycle Reset?

Glassnode notes that long-term holders remain historically strong, and ETF inflows haven’t dried up — they’ve just slowed. That suggests this isn’t a structural top, but a reset inside a broader bullish cycle.

The big picture?

Whale selling is capping upside short-term, but strong fundamentals still underpin Bitcoin’s long-term trajectory.

If whales stop distributing — or if fresh institutional flows return — the $92K wall could break quickly. For now, patience is the name of the game.