Bitcoin Tops $100K as Whales Show Growing Confidence
Key Takeaways
Bitcoin (BTC) is once again trading in price regions reminiscent of its all-time high from 2021. However, this time large investors – known as “whales” – are behaving differently. While the price is above $100,000 USD, on-chain data paints a clear picture: accumulation continues. Short-term holders are selling less, while long-term holders are buying more. Despite the high valuation, public interest remains surprisingly low.
Bitcoin Above $100,000 – But Without the Hype
Although Bitcoin has been trading above the $100,000 USD mark since March 2025, public interest remains muted. Google Trends shows only low search volume for the term “Bitcoin.” Even on social media platforms like X (formerly Twitter), there is little excitement. Some users are warning of a potential “double top” – a pattern that marked the price peak in 2021. But blockchain data tells a different story.
Negative Exchange Flows Indicate Confidence
A key signal: Bitcoin’s net flow on crypto exchanges has been negative since March. On average, more than 3,600 BTC are being withdrawn from trading platforms daily. This means investors are moving their coins to private wallets – a sign that they are not looking to sell. Such outflows are considered a bullish signal, as they indicate long-term holding rather than short-term trading.
Short-Term Holders Are Selling Less
Data also shows that short-term holders (STH) are taking fewer profits. In May, BTC inflows to exchanges from profit-taking reached up to 32,000 BTC per day. By early June, this number had dropped to just 3,400 BTC. This suggests that many short-term investors have already sold their positions – a possible sign that the wave of selling is coming to an end.
Long-Term Investors Are Increasing Their Positions
At the same time, long-term holders (LTH) are once again ramping up their purchases. Since April, the 30-day net position change has been positive. Over 535,000 BTC have been newly accumulated. The behaviour of this group is crucial, as it heavily influences the supply side. In previous phases – such as in October 2023 and fall 2024 – similar developments preceded a price increase.
Whales Are Betting on Further Price Gains
The data sends a clear message: large investors and experienced market participants appear to expect further price increases. They are withdrawing BTC from exchanges and increasing their holdings. This behaviour is in stark contrast to the pattern seen in 2021, when many whales sold near the all-time high.
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Our Assessment
Despite Bitcoin’s high price, the market currently appears stable. The restraint shown by short-term sellers and the growing accumulation by long-term investors indicate confidence in a continued positive trend. Although a pullback is always possible, current on-chain data suggests the upward trend may continue. Those who are already invested in Bitcoin or planning to enter the market should closely monitor whale activity and exchange flows. These indicators often provide early signals of market changes.
Sources
- Adler Insights
- Axel Adler Jr on X
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | 104932 |
| 24h % | 2.37 % |
| 7d % | 1.45 % |
| 30d % | 6.30 % |
| 60d % | 31.33 % |
| 1y % | 48.16 % |
| Market Cap | $2,085,547,266,043.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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