- Bitcoin whales are cashing out after years of holding, realizing massive profits without panic, while institutions are eagerly buying the dip, fueling ETF inflows and exchange outflows.
- Despite signs of weakening bullish momentum, a looming supply squeeze could set the stage for Bitcoin’s next major move.
As Bitcoin hovers near the $106,000 mark, the crypto seas are beginning to stir. Mega whales — some of the oldest and wealthiest BTC holders — are unloading their bags, triggering a wave of speculation: is this the top, or just routine profit-taking?
Recent data shows profit realization hitting a blistering pace of $500 million per hour, but this isn’t the frenzy of panicked exits. Instead, these are long-time holders — entities that bought Bitcoin when it traded between $0 and $700 — finally closing the book on an epic chapter. According to analyst Willy Woo, this quiet offloading trend started back in 2017, long before Bitcoin became a household name.
Also read: BNB Price Prediction: Can Rising User Growth and Demand Push Binance Coin to a New All-Time High?
From Early Adopters to Institutional Titans
This isn’t market capitulation. It’s capital rotation — a strategic handover from crypto-native OGs to institutions and sovereign players now eager to buy the dip. ETFs are raking in fresh capital, with $110.52 million in net inflows recorded recently. Simultaneously, over 11,400 BTC were yanked from exchanges in a single day, hinting at brewing supply pressure.
The whales may be out, but they’re being replaced by deep-pocketed players looking long-term.
Supply Squeeze Incoming?
Despite the whale sell-off, signs point to a tightening market. Exchange outflows are intensifying, and on-chain indicators like Coin Days Destroyed suggest long-term holders aren’t budging. These factors combine to set the stage for a textbook supply squeeze, where fewer coins are available just as new demand heats up.
Bullish Momentum Wanes — But It’s Not Over Yet
Bitcoin’s inability to decisively break above $106K has started showing cracks in bullish momentum. Open Interest is slipping — from $33.3B to $33.08B — signaling reduced trader conviction. Funding rates are still positive, but not euphoric, pointing to a market in wait-and-see mode.
Whether this is a local top or just a healthy reset depends on who steps in next. One thing is clear: while old giants quietly exit stage left, new titans are taking their place. The show isn’t over — but the cast is changing.