Bitcoin Whales Resume Buying as ETF Inflows Stay Positive
Bitcoin whales are increasing their exposure as the market trades in a narrow range. Wallets holding 10 to 10,000 BTC added 41,025 BTC over 10 days, lifting their combined balance to 13.64 million BTC, or 67.93% of total supply. Smaller wallets holding less than 0.01 BTC remained largely unchanged.
Santiment said whale accumulation has historically supported stronger market conditions, although it is not a guaranteed Bitcoin price signal. BIT Research said Bitcoin’s bear market may have ended after BTC held above $62,900, reclaimed its 21-week moving average at $69,272 and moved above its March 2024 high of $73,084. Its True Market Mean is $76,897, suggesting the typical holder is back in profit. The firm’s bullish scenario targets $185,000 to $215,000.
Short-term risks remain. Analyst Doctor Profit cited bearish signals from RSI, MACD/PPO and MFI, as well as weaker ADX trend strength, indicating a possible pullback before another advance.
Institutional demand is also supporting Bitcoin. US spot Bitcoin ETFs attracted $2.4 billion last week, followed by inflows of more than $31 million on Monday and $66 million on Tuesday. Strategy purchased 1,665 BTC at an average price of $85,681, bringing its holdings to 847,666 BTC. Strive bought 1,107 BTC for $94.5 million, raising its total to 27,462 BTC.
Bullish
The overall signal is bullish because several demand indicators are aligned. Large Bitcoin holders are accumulating, spot Bitcoin ETFs continue to record net inflows, and corporate buyers such as Strategy and Strive are adding BTC. This combination can reduce immediately available supply and provide support during market consolidations. Similar whale-accumulation and institutional-flow periods in prior Bitcoin cycles often preceded stronger medium- to long-term advances, although they did not prevent short-term volatility.
The technical picture is mixed. Bitcoin has reclaimed important long-term levels, and the True Market Mean indicates that many holders are profitable. However, bearish momentum readings from RSI, MACD/PPO and MFI, together with weaker ADX strength, raise the risk of a near-term pullback. Traders may therefore see resistance around recent highs and should monitor ETF flows, whale balances, retail selling and BTC’s ability to hold the $85,000 area. Sustained institutional buying would strengthen the longer-term bullish case, while renewed outflows or failure to hold key support could weaken it.