Bitcoin’s Whale-Sized Mystery: Is Quiet Accumulation Brewing?

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  • The total Spot and Futures volume of Bitcoin dropped by more than $36 Billion.
  • Retail transferred BTC to larger wallets, hinting at quiet accumulation from whales.

Ah, the enigmatic world of Bitcoin [BTC]! As of this moment, it’s trading at $108K, with a valiant attempt to breach the $110K level. Despite this consistent stay above the $100K, BTC faces mixed developments concerning its future price movements.

While the price stays up, the volume, a key factor in trading, is drying up like a mirage in the Sahara. 🏜️

Why is BTC volume drying up?

According to Glassnode data, Bitcoin Spot and Futures volume have plummeted to $5.02B and $31.2B, respectively. This is the lowest it has been in more than one year. 📉

The maximum volumes were detected at the end of 2024 and Q1 of 2025, followed by a drastic decrease beginning in April. 📅

Although the price of BTC is moving upwards, this divergence is an indication of slowing down. This could be attributed to the recent tensions in the market and fear of a reversal following the range above $100k. 😱

However, the fading activity could be seasonal, a lack of market belief, or profit-taking. When volumes fall down and the price rises, the chances of a pullback become high. 📈

In the case of bulls, more durability in price gains would require a more powerful volume to corroborate the plausibility of rally continuation. 🐂

Retail exhaustion vs. whale accumulation

A sharp decline in retail investor activity resulted in wallets holding 0-10K declining by 10% in the 30-day demand, the lowest in a year. The divergence showed a declining flow in retail, as IT Tech reported on X. 📉

Traditionally, retail is at its highest in turning points. Their absence may be a warning that neither more sales nor excess demand would happen. 🤔

In the meantime, this low retail activity suggested that capital was flowing into bigger wallets. That showed possible passive accumulation of whales. 🐳

This scenario was quite like the conditions in the middle of 2023, when a similar decrease in retail demand was followed by the 10-percent correction and then a bigger breakout. 📈

Retail frustration and whale hunger may help to decide the next serious steps of Bitcoin. 🍿

LTHs accumulate as OTC balance falls

Affirming the whale accumulation was the MVRV ratio of Bitcoin that stood at 2.26, pointing toward long-term accumulation. Historically, this has been preceded by the occurrence of huge rallies. 📈

It was worth noting that during prior higher peaks, when the ratio exceeded 2.5, cycle tops occurred. This happened last during the end of 2021. 📉

The current pattern, as of press time, resembled the initial phase of a bullish movement as in early 2023. As such, there appears to be still more room to the upside. 📈

The strength in BTC’s prices seem to be maintained as long as the MVRV stayed above the trend. 📈

The OTC balance also fell, which suggested a potential supply squeeze as scarcity stepped in. A drastic drop in supply usually ignites rallies if accompanied by demand. 🔥

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2025-07-08 02:22