Recent trends reveal a dramatic shift in Bitcoin dynamics, with large investors, or “whales,” ramping up their holdings while smaller retail investors cash out—raising questions about the market’s next moves.
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Whale transfers suggest long-term holding or OTC trades, not immediate sell-side pressure.
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Retail investors continue profit-taking, pushing Exchange Netflow into positive territory.
Over the past week, as Bitcoin [BTC] reclaimed $100K, whale activity has intensified from both the sell and buy sides. In the past 24 hours alone, Whale Alert flagged a massive 2,000 BTC transfer worth approximately $206 million.
The destination? Unknown wallets with no exchange ties. Such a transfer that is not paired with exchanges could mean two major things.
First, the whale is moving funds to a personal or secure wallet for long-term holding that is often viewed as accumulation or intent to hold. Second, it may indicate over-the-counter (OTC) transfers between private players or institutions, which have no impact on prices.
Since this whale transfer is not paired with inflows to exchanges, it’s not seen as an immediate bearish signal. Amidst this whale transfer is a surge in whale activity that has dominated the market over the past days.
Accumulation score flashes near-max levels
According to Glassnode, large wallets have continued to lead accumulation, with those holding 1K–10K BTC reaching an accumulation score of 0.9, nearly maxed out, while smaller “shark” wallets achieved a 0.8 score.
Source: Glassnode
Meanwhile, whale exchange activity has slowed significantly. For instance, ultra-large whales hovered in the neutral zone around 0.5. Consequently, the Large Holders Netflow to Exchange Netflow Ratio has continued to decline, reaching negative territory at approximately -0.69.
This drop indicates that whales are not sending BTC to exchanges; instead, they are withdrawing extensively.
Source: IntoTheBlock
Retail exits could stall momentum
The increasing whale activity, particularly in accumulation, signals a growing confidence in Bitcoin, as large holders anticipate further price increases. Historically, accumulated holdings among large players have driven prices up due to rising demand. If this trend continues, BTC is likely to reach advanced price levels.
Conversely, smaller investors have been selling into strength, with wallets holding less than $10 in BTC continuing to distribute—reflecting high selling activity among small holders as they realize profits.
This profit-taking from retailers has resulted in a positive Exchange Netflow—indicating more inflows than outflows—especially since ultra-large wallets are also selling, albeit at a neutral level.
Source: CryptoQuant
If retail selling persists, BTC could oscillate between $100K and $105K for an extended period. However, if smaller holders cool off and ultra-whales pivot from a neutral approach to aggressive accumulation, Bitcoin may break through the $108K barrier in the near term.
Conclusion
The tug-of-war between whale accumulation and retail selling may define Bitcoin’s performance in the coming weeks. With large players indicating stronger confidence in Bitcoin’s future value, volatility will likely continue as market dynamics unfold. Future trends will depend on the behavior of retail investors, setting the stage for potential bullish movements.
