Bitcoin Whales Return to Spot Markets as Price Nears $100,000 Again

Bitcoin's recent surge above $97,000, bringing the $100,000 mark back into focus, is being driven by large traders, or whales, accumulating on the spot market, according to on-chain data. This contrasts with previous market tops where retail leverage often led the charge. Data from CryptoQuant shows that large order sizes are increasing, while retail traders are primarily entering via futures leverage. This structure suggests an early-trend phase rather than a late-cycle blow-off. The rebound from $84,400 was fueled by genuine spot demand absorbing supply, indicating that the heavy selling pressure seen in November has subsided. This shift follows a period where US spot Bitcoin ETFs experienced significant outflows, which ultimately cleared out weak hands and allowed whales to rebuild exposure around the $86,000 support level. Analysts suggest this movement signifies Bitcoin entering an 'expansion phase' of its macro bull market, built on real capital rather than fragile leverage, potentially paving the way toward new highs.

(Source：BeInCrypto)