After a fresh ATH, Bitcoin just hit the brakes, slipping about 4%. Nothing unusual here, just your garden-variety bull market pullback.
But beneath the surface, something’s brewing that’s got the crypto community buzzing like a rooster at dawn.
The sell-off doesn’t matter?
It looks like the whales are waking up from their slumber.
CryptoQuant shared that the Coin Days Destroyed number shot up to 28 million this week. What’s that mean?
Simply put, coins that were gathering dust, untouched for ages, are suddenly on the move again.
Historically, when that happens, it’s a sign these whales are repositioning, maybe gearing up for what’s next, either mid-cycle shifts or local peaks.
Think of it like that quiet office guy suddenly taking charge during budget season.
And that’s not all. The net realized profits shot up north of $4 billion, the biggest haul since early Q2. Whales, along with the new-ish buyers, are locking in gains while Bitcoin dances around the $117,000 to $120,000 range.
Despite the sell-off, the market’s underlying demand looks stubborn, like that one coworker who always shows up on a Monday, rain or shine, coffee in hand.
Whales coordinating
But the story flips when you look back just a few weeks. End of June? A quite different picture, losses and modest profits dominated, suggesting latecomers were throwing in the towel while long-term holders quietly stacked their chips.
Now? The tables have turned big time. Profits dominate, old coins flood back, and it’s all pointing to that classic Q3 rebalancing act. These are likely not random moves.
When past patterns of spiking profits and dormant coin flows coincide, history shows we’re caressing volatility, local tops, pauses, or sideways consolidations.
The whales aren’t playing solo, but they’re coordinating, plotting the next big move. Will this be a distribution phase, or are we in for an extended rally? The next few weeks will decide.
What does the chart says?
And what about Bitcoin’s key levels? The recent peak near $124,000 stands tall, marked as a local top.
Resistance looms at $124K and then a tougher barrier at $136K, linked to those fresh coins under a month old, often a sign the market’s stretched too far.
On the other hand, supports are lining up at $113K and around $111K, this last number the average cost for newbies, a psychological safety net.
The big daddy to watch is $101,000, the baseline that signals medium-term bulls still hold sway if prices hang tight above it.
So, Bitcoin is at a secret crossroads, the calm surface belying a swirling undercurrent of big money shifts.
The whales are waking up, profits are being locked, old coins return like ghosts from the past. The question now is this the calm before the storm, the start of Bitcoin’s next big run?
