Bitcoin Whales Moved — But Not in the Way Markets Assumed
On-chain data suggests recent whale movements reflect balance reshuffling, not new accumulation, indicating market balance restructuring.Summary
Recent Bitcoin price stabilization above $85,000 initially suggested accumulation by large investors, but on-chain data reveals this was primarily wallet reshuffling by entities holding 100 to 1,000 BTC, not the entry of fresh capital. This reshuffling, done for custody or accounting, does not impact price but can distort accumulation metrics. Furthermore, macro indicators like the MVRV Long/Short Difference show profits concentrated among short-term holders, increasing downside risk as they are prone to selling quickly. Currently trading near $87,108, Bitcoin needs to convincingly breach $88,210 to signal a meaningful reversal; otherwise, short-term profit-taking could keep the price range-bound or lead to a retest of lower support levels.
(Source：BeInCrypto)