Recent shifts in Bitcoin whale behavior suggest a potential accumulation phase is underway. Examining key metrics reveals insights into this evolving dynamic:
– **Whale Distribution Slows:** The 7-day Netflow has significantly decreased, falling by -619.31%. This drop signifies a reduction in the pace of Bitcoin sales by large holders, potentially signaling an increase in holding or accumulation behavior.
– **Profitability Returns:** The MVRV Ratio has rebounded to 126.73%, indicating that most Bitcoin holders are currently in profit territory. This could lead to increased sell-pressure if the market enters a downward trend.
– **Sideways Trading Continues:** While Bitcoin’s price hover just below the $96K resistance level, social sentiment and technical analysis indicate potential for both upside and sideways movements.
**The coming days will be critical.** Will whales maintain their current accumulation strategy or shift towards selling? A decisive break above the $96K resistance could trigger a significant rally. However, if buyers fail to maintain momentum, consolidation is likely to continue. Only time will tell where Bitcoin’s journey goes next.