Community Trust ScoreLikely Real
Bitcoin [BTC] may be drawing comparisons to its 2021 peak, but this time around, whales and long-term holders appear to be playing a different game. Despite Bitcoin recently correcting from a high of $111,000 and showing signs of forming a potential double-top pattern around the $108K mark, data indicates a consistent trend of accumulation rather than panic-driven exits.
Public interest in Bitcoin remains surprisingly low even as the asset trades well above $100,000. Metrics like Google Trends show a lack of widespread hype, which contrasts with previous bull cycles where surging prices coincided with growing mainstream attention. On social media platforms like X (formerly Twitter), discussions around a potential market top are increasing. Yet, on-chain data paints a more nuanced picture.
One of the most bullish indicators remains the sustained negative exchange flow. Since March, thousands of Bitcoins have been withdrawn from centralized exchanges on a daily basis, averaging over 3,600 BTC per day. This steady outflow suggests that investors—particularly long-term holders—are choosing self-custody or cold storage over keeping assets on exchanges. Such behavior is typically associated with strong belief in Bitcoin’s long-term potential and a reluctance to sell at current prices.
Adding to the bullish case, short-term holders have been noticeably reducing their profit-taking activity. In the final week of May, profit sent to exchanges dropped significantly, a sharp contrast to earlier peaks when Bitcoin approached similar price levels. While earlier spikes in profit-taking saw tens of thousands of BTC flowing into exchanges, recent activity has dwindled to just a few thousand. This shift suggests that many short-term speculators have already exited the market, reducing the likelihood of aggressive sell-offs in the near term.
Meanwhile, long-term holders are ramping up their positions. Data from the past few months shows a major shift in net position change for this cohort. After a period of selling in late 2024, long-term holders began accumulating again in April 2025. Over the past 30 days, their net position has increased by over 535,000 BTC. This resurgence in buying by whales and long-term investors signals renewed confidence in Bitcoin’s upward trajectory.
Interestingly, this pattern is not new. Similar periods of accumulation by long-term holders were seen in late 2023 and again during the third quarter of 2024. Both instances were followed by strong bullish rallies in Bitcoin’s price. While there are no guarantees that history will repeat itself, the similarities are enough to fuel optimism among market participants.
The broader sentiment also appears to favor Bitcoin’s resilience. Although discussions of a double-top formation linger, the underlying fundamentals—driven by strong hands accumulating and weak hands exiting—suggest a more sustainable price structure than in past bull markets.
As the market watches closely, one thing remains clear: Bitcoin whales are not following the same script they did in 2021. Instead of riding the hype wave to a top, they’re quietly building positions during periods of uncertainty and low retail euphoria. This strategic divergence could set the stage for a more sustained rally in the months ahead, especially if macroeconomic conditions and regulatory clarity remain supportive.
If this trend continues, Bitcoin’s current consolidation phase may well be the calm before another significant leg up in the ongoing bull cycle.
