Bitcoin may be trading sideways, but behind the scenes, large holders are ramping up accumulation — signaling renewed confidence amid improving global economic conditions.
The world’s largest cryptocurrency has spent the past week hovering between $100,000 and $105,000, showing little directional momentum. Yet analysts say this calm surface masks significant accumulation activity among major investors, or “whales.”
According to BRN’s head of research, Timothy Misir, more than 45,000 BTC — worth roughly $4.6 billion — were added to whale wallets this week, marking the second-largest accumulation event of 2025. Blockchain data indicates that much of this buying coincided with substantial withdrawals from exchanges to cold storage, suggesting institutional investors rather than retail traders are behind the move.
Meanwhile, Bitcoin spot ETFs saw outflows of about $278 million on Wednesday, with Ethereum ETFs shedding around $184 million. In contrast, Solana ETFs attracted over $18 million in new inflows. Futures markets also cooled, with open interest down about 34% from October’s peak and total liquidations reaching $583 million, largely from over-leveraged long positions, according to CoinGlass.
Despite these short-term pullbacks, analysts view the reduction in leverage as a healthy reset.
“The market sits in a quiet equilibrium — structurally cleaner, but not yet liquid enough to trend,” Misir said.
Resistance and Support: A Tight Market Range
On-chain analytics firm Glassnode described Bitcoin’s current setup as one of “seller exhaustion” around the $100,000 level, with dense resistance between $106,000 and $110,000 keeping upside momentum limited. The data suggests that while selling pressure has weakened, there’s not yet enough new demand to break through the upper range.
Chris Beamish
Macro Factors Boost Risk Sentiment
The accumulation wave is unfolding against a backdrop of easing macroeconomic concerns. The U.S. government’s reopening after a 41-day shutdown has restored roughly $40 billion in deferred liquidity, while renewed signs of cooperation between the U.S. and China have lifted global investor sentiment.
China’s Ministry of Commerce noted that “significant room for trade and economic cooperation with the U.S. remains,” a statement analysts say signals a softer stance in trade relations. Together, these developments have provided a modest macro cushion for risk assets, including cryptocurrencies.
“Improving macro conditions and cautious optimism in risk sentiment” are helping sustain Bitcoin’s current stability, Misir noted, though he cautioned that persistent ETF outflows could continue to weigh on prices if institutional inflows don’t rebound.
Outlook: Calm Before the Next Move
For now, Bitcoin’s market structure appears cleaner and less leveraged — a setup that often precedes more decisive price action. However, analysts warn that any setback in fiscal or inflation conditions could quickly undermine the recent improvement in liquidity and sentiment.
Until clearer signals emerge, traders may see Bitcoin remain range-bound, with accumulation by long-term holders acting as the quiet force shaping the next phase of the cycle.
