Key Points
- Whale activity in Bitcoin market intensifies, indicating long-term holding or Over-the-Counter (OTC) trades.
- Retail investors are taking profits, causing Exchange Netflow to turn positive.
As Bitcoin (BTC) reclaims the $100k mark, there’s been a surge in whale activity.
Whale Alert recently flagged a 2,000 BTC transfer, valued at around $206 million. The destination? Wallets with no ties to any exchange.
Interpreting Whale Activity
Such transfers, not linked with exchanges, could imply two things.
Firstly, the whale might be moving funds to a personal or secure wallet for long-term holding, indicating an intention to accumulate.
Secondly, it could be indicative of OTC trades between private entities or institutions, which typically do not impact prices.
Since this transfer is not linked with inflows to exchanges, it doesn’t signal immediate bearishness.
Accumulation and Retail Exits
According to Glassnode, large wallets continue to lead accumulation, with those holding 1K–10K BTC accumulating a score of 0.9, almost 1, while sharks secured a 0.8 score.
In contrast, smaller investors are selling into strength, with wallets holding less than $10 in BTC continuing to distribute. This suggests high selling activity from small holders as they take profit.
If retail selling continues, BTC could oscillate between $100K and $105K. However, if smaller holders cool off and ultra whales shift from neutral to accumulation, Bitcoin could potentially break above $108K in the near term.
