Bitcoin Whales Ramp Up Accumulation Despite Pullback Risk

Large Bitcoin holders have spent the week adding to their stacks even as spot prices hover just below April’s all-time peak. On-chain dashboards from Material Indicators reveal a steady uptick in buy orders sized over $1 million, a pattern analysts read as “whales locking in exposure before the next leg.” At the same time, BTC has traded in a narrow $5,000 channel around $105,000, suggesting a bout of consolidation rather than capitulation. “BTC is consolidating above $100k and whales are accumulating,” noted Material Indicators co-founder Keith Alan, pointing to a heat-map of rising bid liquidity clustered at six-figure levels. Analysts flag $94K as first major support Alan’s models place the 21-week moving average—currently near $94,000—as the most likely bounce zone should sellers gain the upper hand. “If a correction comes, I expect support to hold at the trend line which currently has confluence with the 21-Week Moving Average.” That view aligns with historical patterns: previous bull-market pauses have typically retraced to the 21-week curve before resuming their advance. Bull market context tempers correction fears Despite the possibility of a pullback, market structure remains decisively bullish. Bitcoin has printed seven consecutive green weekly candles, a streak rarely seen outside primary uptrends. Funding rates on perpetual futures have cooled, implying less overheated leverage and healthier foundations for another breakout attempt. High-profile trades stir social-media drama Hyperliquid trader James Wynn has amplified volatility by live-tweeting every blockbuster position. “They FORCED the $BTC price DOWN to $108,700,” he wrote after claiming rivals attempted to liquidate a 40x long. Blockchain monitors show Wynn’s latest leveraged bet sitting on an unrealized $3.4 million loss, a reminder that whale theatrics can swing intraday sentiment. Macro signals still favor upside The dollar index slipped this week, and gold’s rally lost steam, pushing some macro funds to rotate back into digital assets. Spot Bitcoin ETFs recorded their strongest three-day inflow since early May, according to BitTrends data. Meanwhile, Glassnode metrics show dormant supply at a record high, indicating long-term holders remain reluctant to sell into strength. Risk factors traders are tracking CME futures now price a 45 % chance of a Federal Reserve rate cut in September, and any hawkish surprise could drain risk-asset appetite. Regulatory headlines also lurk: the Securities and Exchange Commission has yet to publish final guidance on crypto staking, and a restrictive ruling could sap retail momentum. Even so, the broader market mood leans optimistic, with several analysts setting year-end targets between $135,000 and $155,000—levels that imply a fresh wave of FOMO if $112,000 resistance breaks. Outlook For now, eyes remain on whether whales keep stepping in on minor dips and whether the 21-week average indeed acts as a floor. A clean bounce near $94,000 would fit the script of a classic mid-cycle correction inside a powerful bull trend. Conversely, a decisive close below that line could open the door to a deeper retracement toward the $80,000 handle. As ever in crypto, sentiment can flip quickly, but whale behavior continues to suggest the path of least resistance points higher—after a potential shakeout to test conviction.

Source: CryptoIntelligence