"On-chain data shows that whales holding more than one hundred bitcoin have recently begun transferring large amounts after years of inactivity. These movements have historically lined up with cycle tops or periods of heightened BTC volatility. This suggests that some of Bitcoin's longest-term holders are realizing profits or rotating positions. The current wave of transfers is significant but smaller relative to total circulating supply than what was seen in prior peaks."
"The number of unique whales selling is also lower, which means selling pressure looks concentrated among a handful of players rather than a broad distribution across the entire cohort of long-term holders. While whales are distributing, steady inflows into ETFs and treasury allocations continue to absorb supply. This balance explains why BTC price has remained stable instead of collapsing, even as whale selling picked up. The market appears to be in a tug of war between old holders exiting and institutional demand stepping in."
"BTC remains pinned in a tight range as supply and demand offset each other. If equities and commodities stay stretched at highs, capital could rotate into BTC as the next target, providing the catalyst for a breakout. For now, Bitcoin's price stability reflects an unusual balance between whale distribution and institutional accumulation, setting the stage for the next decisive move."
Bitcoin has traded in a tight range since early July while equities, gold, real estate, and commodities like silver reach new highs. On-chain data shows whales holding more than 100 BTC have resumed transferring large amounts after long inactivity, patterns that have aligned with cycle tops and volatility spikes. The current transfer wave is meaningful but smaller relative to circulating supply, and selling is concentrated among a few whales rather than broadly distributed. Institutional ETF and treasury inflows are steadily absorbing supply and preventing a price collapse. The balance between whale distribution and institutional accumulation pins BTC, leaving scope for capital rotation to trigger a breakout if other markets remain elevated.
Read at Bitcoin Magazine
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