Bitcoin whales have offloaded approximately $16.5 billion in BTC over the past month, according to Coinotag, as the cryptocurrency's price tests critical support levels between $110,000 and $112,000. Despite the selling pressure from long-term holders, corporate treasuries are accumulating Bitcoin, helping to stabilize the market. Currently, Bitcoin is trading around $112,800, with a potential drop below the $110,000 mark possibly targeting $100,000. On-chain data indicates that the whale selling has not significantly increased exchange inflows, suggesting that much of the activity is occurring through private deals or over-the-counter (OTC) desks rather than direct exchange transactions.