According to data from the PRO Large Order List, institutional traders significantly increased their sell-offs of Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours. BTC recorded a total trading volume of $1.258 billion, with $510 million in buys and $748 million in sells, resulting in a net sell-off of $239 million. ETH saw $1.236 billion in total volume, with $566 million in buys and $670 million in sells, leading to a net sell-off of $104 million. Combined, institutional net selling reached $343 million, signaling massive distribution by large players.
BTC Sell-Off Details: Net Order Imbalance Hits $155M
In the BTC market, large trades stood out as the net order imbalance surged to $155 million, reflecting selling orders overwhelmingly exceeding buy orders. The largest single order was recorded at $43.7557 million, likely representing a single institutional block trade. Despite this heavy selling, BTC price rose 1.29% during the same period, indicating strong buying pressure absorbing the supply.
ETH Sell-Off Details: Net Order Imbalance of $18.08M
For ETH, the net order imbalance was $18.0792 million, with the largest single order at $8.7703 million. Although the sell-off scale is smaller than BTC, institutional distribution of ETH is evident. ETH price also gained 1.18%, mirroring BTC's resilience and suggesting overall market sentiment remains positive despite institutional selling.
Market Implications: Interpreting Institutional Behavior
Concentrated institutional selling is often viewed as a short-term bearish signal, but the fact that prices climbed may indicate retail or hedge fund buying at discounted levels, or that institutions are rebalancing or hedging rather than exiting. The PRO Large Order List tracks over-the-counter block trades, which better reflect genuine institutional intent. Historically, net sell-offs exceeding $200 million tend to precede increased short-term volatility.
The net sell-offs represent roughly 19% of BTC's total volume and 8.4% of ETH's, suggesting ETH faces relatively lighter pressure. Traders should monitor whether selling pressure persists or if buyers continue to absorb supply; a sustained sell-off could trigger broader corrections, while continued absorption could fuel a rebound.