Whales Realize $4B as Dormant Coins Fuel Bitcoin Pullback
On-chain data show a Bitcoin pullback after the price retraced 4–5% from its recent all-time high near $123K. The Miners’ Position Index jumped above 2.7, indicating elevated miner transfers to exchanges. Coin Days Destroyed spiked to 28 million as dormant coins reactivated, while net realized profits topped $4 billion—the highest since early Q2. Trading volume (–9.7%), futures volume (–14.8%) and open interest (–1%) also dipped, hinting at waning short-term momentum.
Technically, Bitcoin remains above its key moving averages and the Bollinger Band midline, with an RSI of 67, just below overbought territory. Immediate resistance lies at $121K–$124K (and $136K), with support at $113K, $111K and $101K. Traders should watch follow-through to confirm if this Bitcoin pullback resets momentum or signals a local top.
Neutral
Short-term indicators—such as elevated miner transfers (MPI >2.7), a spike in Coin Days Destroyed, $4 billion in net realized profits and drops in trading volume, futures volume and open interest—point to profit-taking and a potential local top, which could dampen near-term price momentum. However, Bitcoin remains above key moving averages, the Bollinger Band midline and retains strong institutional demand. While traders may see a brief consolidation or pullback, the underlying uptrend is intact, balancing bearish short-term signals with longer-term bullish fundamentals.