Key Takeaways
Bitcoin’s seller wave dried up as Spent Volume hit 529K BTC, while whales accumulated, Exchange Whale Ratio fell, and Netflow turned negative at -$128 million. Can $112K hold if sellers reappear?
After hitting a local low of $111k, Bitcoin [BTC] bounced back to $117,421 before retracing to a low of $115,411. Like a rollercoaster ride, but without the fun. 🎢
As of press time, Bitcoin traded at $115,601, up 2.45% in 24 hours – a sign of building upward pressure. Or maybe just a blip? Who knows, right? 😅
But what was behind this price recovery? Let’s dive in, shall we?
Bitcoin’s Wave of Sellers Dries Up
According to CryptoQuant analyst Axel Adler, Bitcoin’s Spent Volume (SMA-7d) dropped sharply, with the weekly average sliding to 529K BTC per day. That’s like everyone deciding to stay home instead of going to the mall. 🏡🛍️
Such a massive decline signaled that the primary wave of sellers at current price levels has dried up, with sellers taking a step back in the market. Maybe they’re just tired of the drama. 🙄
This is primarily due to reduced incentives to sell following Bitcoin’s recent dismal performance. It’s like when you decide to keep your old phone instead of upgrading because, well, why bother? 📱🤷♀️
In fact, Realized Profit fell across cohorts. Long-term holders booked only 7.2K BTC in profit, while short-term holders realized just 1.8K BTC, despite the bounce. Talk about a disappointing birthday present. 🎂💔
Whales Pull Coins Off Exchanges
With Bitcoin swinging, whales have repositioned themselves with less exchange activity. They’re like the cool kids at the party who suddenly decide to leave early. 🎉🚪
CryptoQuant data showed the Exchange Whale Ratio fell to a 12-day low of 0.43. When this metric drops, it suggests that fewer whales are sending their BTC to exchanges compared to overall flows. It’s like they’re saying, “I’ll just keep this to myself, thanks.” 🤫💰
Typically, such a decline reflects substantial accumulation, with whales sending their BTC to private wallets rather than preparing to sell. This sentiment is especially prevalent among Bitcoin’s Megawhales. They’re basically hoarding like it’s the end of the world. 🌍🔒
According to Checkonchain, MegaWhales and Exchanges (>10K BTC) posted a balance change of -20.36K BTC, showing withdrawals outweighed deposits. Large holders were accumulating, not selling. It’s like a giant game of “keep away” with Bitcoin. 🏃♂️🏃♀️
Historically, reduced selling activity from large holders while they accumulate has preceded higher upward pressure on price, often a prelude to higher prices. So, maybe the whales know something we don’t. 🧐
Can Easing Pressure Boost BTC?
According to AMBCrypto’s analysis, Bitcoin recently rebounded as selling pressure declined while whale accumulation remained constant. It’s like the tide is turning, but we’re not sure if it’s high or low. 🌊
As a result, King Crypto’s Netflow turned negative, reaching a low of -$128 million, a clear sign of aggressive accumulation. It’s like the whales are saying, “More for me, please!” 🐳🎉
Having said that, if whales continue to absorb supply, Bitcoin could reclaim $117K and test $119,600. But if sellers return, BTC risks retesting the $112K support zone. It’s a wild ride, folks! 🎢💥
Read More
- SOL PREDICTION. SOL cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- Brent Oil Forecast
- XRP PREDICTION. XRP cryptocurrency
- STX PREDICTION. STX cryptocurrency
- The Great Ethereum Short Squeeze: Bears Bleed, While Traders Scratch Their Heads 🤔
- USD CLP PREDICTION
- XRP AUD PREDICTION. XRP cryptocurrency
- USD IDR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
2025-08-24 03:09