Key takeaways
Are Bitcoin Whales Selling or Hoarding?
Despite recent inflows, long-term net flows turned negative, so whales are piling up.
Is Bitcoin gaining strength again?
Not yet. Two failed rallies and weak futures flows mean the bulls are losing momentum.
bitcoin [BTC] holds key support, but bulls are losing strength.
Despite an increase in whale inflows to Binance last week, long-term net flows have turned negative. Two recent attempts to regain momentum failed.
With the price trading below its 30-day fair value and futures flows weakening, buyer strength appears exhausted. The market may be rebalancing ahead of BTC’s next big move.
Whale Inflows Rise as BTC Cools
Binance data shows that BTC whales have been unusually active lately. The seven-day average of whale inflows (1,000-10,000 BTC) rose sharply last week, reaching levels last seen in July.
This usually happens when big players move coins to exchanges, possibly to rebalance portfolios or make profits.
Source: CryptoQuant
Interestingly, this surge in inflows comes as Bitcoin price cools from its high of $124,000 to the $104,000 to $110,000 range. Institutions are not backing down yet, but they may simply be preparing for what comes next.
The bulls lose control
After two failed comeback attempts on October 13 and 20, Bitcoin’s bullish energy appears to be running out.
Market analyst Axel Adler noted in an X (formerly Twitter) post that while the first push seemed promising, it quickly lost steam. The second lacked any real strength to begin with.
Source: X
The key momentum index remains stuck below 45, firmly in bearish territory, while BTC continues to trade below its 30-day fair value.
Buyers are tired and the market may be stalling before deciding the next big BTC move.
Selling pressure cools
But there is a small sign of optimism.
Source: CryptoQuant
Binance’s net Bitcoin flows have turned sharply negative, meaning more BTC is leaving the exchange than entering. Investors are certainly more confident, as coins leaving exchanges are often intended to be held for the long term.
This could be the start of the buildup. Long-term buyers are stepping in, even as short-term traders pull back.