Bitcoin whales have sold a whopping $12.7 billion in Bitcoin over the past month, and continued sales could further pressure its price for the next few weeks, according to analysts.

“The trend of reducing exposure by major Bitcoin network players continues to intensify, reaching the largest coin distribution this year,” observed CryptoQuant analyst “caueconomy” on Friday.

They added that in the last 30 days, whale reserves have fallen by more than 100,000 Bitcoin signaling intense risk aversion among large investors.

This selling pressure has been “penalizing the price structure in the short term,” ultimately pushing prices below $108,000. According to CryptoQuant data, it has been the largest whale sell-off since July 2022, with a 30-day change of 114,920 BTC worth around $12.7 billion at current market prices as of Saturday.

“At this time, we are still seeing these reductions in the portfolios of major players, which may continue to pressure Bitcoin in the coming weeks,” they said.