Bitcoin's recent performance has drawn attention as it hovers around the $105,000 mark, raising questions about its ongoing bullish trend. While some market watchers are concerned about a possible double top formation reminiscent of 2021, data shows that whale activity suggests a different narrative. Bitcoin's net outflows from exchanges have been negative since March, with about 3.6K BTC leaving daily. This indicates a level of investor confidence amidst mixed public sentiment.
Short-term holders seem to be taking profits less frequently, with metrics showing that the flow of BTC into exchanges from this group has sharply decreased in the past two weeks. Initially, when Bitcoin approached $111,000, the profit flow was around 49.5K BTC, but this dramatically dropped to just 3.4K BTC as the price settled around $108,000. This shift indicates a depletion of short-term sellers.
Conversely, long-term holders have shifted their strategy towards accumulation. Since April, long-term holders have shown a positive net position change, acquiring about 535K BTC. This trend of whales holding rather than selling aligns with previous instances that led to price rallies, signaling a potential bullish phase ahead.
Short-term holders seem to be taking profits less frequently, with metrics showing that the flow of BTC into exchanges from this group has sharply decreased in the past two weeks. Initially, when Bitcoin approached $111,000, the profit flow was around 49.5K BTC, but this dramatically dropped to just 3.4K BTC as the price settled around $108,000. This shift indicates a depletion of short-term sellers.
Conversely, long-term holders have shifted their strategy towards accumulation. Since April, long-term holders have shown a positive net position change, acquiring about 535K BTC. This trend of whales holding rather than selling aligns with previous instances that led to price rallies, signaling a potential bullish phase ahead.
