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Bitcoin climbed above the $90,000 mark for the first time since early March, and this upward movement has been closely tied to strategic actions by whales, particularly on Binance.
As large-scale buyers step in, the market sees significant price boosts. Interestingly, similar positive trends are emerging on Coinbase as well.
Whale Movements
As Bitcoin continues to rise, CryptoQuant revealed that each price increase correlates with large-scale purchases from whales on Binance, further fueling the upward momentum. Interestingly, similar positive actions are observed on Coinbase, with whales on both platforms driving the market higher.
Despite a recent shift in sentiment towards a bearish outlook, the market has effectively shaken off retail investors and has left Bitcoin and altcoins in an oversold condition. This reset, according to CryptoQuant, positions the crypto market for a potential upward movement.
Looking ahead in 2025, the analysis suggests continued positive market movements, driven by the coordinated actions of large institutional players on these major exchanges.
Zooming Out
Recent on-chain metrics reveal a divergence in behavior between long-term and short-term Bitcoin holders. Long-Term Holders (LTH), those who have held Bitcoin for over 155 days, have been observed to have resumed accumulation for the first time since the local peak.
This shift indicates that experienced investors, driven by conviction and cycle awareness, are gradually rebuilding their positions after months of sustained distribution. While this activity doesn’t always involve large whale movements, it reflects strategic repositioning by seasoned market participants.
In contrast, short-term holders (STH), who have held Bitcoin for less than 155 days, are continuing to sell into market weakness, with net outflows remaining deep in the red. This behavior suggests capitulation and a lack of confidence, particularly during recent market drawdowns. Historically, such sell-offs from short-term holders often coincide with local market bottoms.
The divergence between LTH accumulation and STH capitulation is significant, as LTH behavior is typically tied to macro conviction and long-term strategy. At the same time, STH activity tends to be more emotional and reactive. When these two trends occur at the same time, it often signals the early stages of a re-accumulation phase.
If LTHs continue to increase their positions while short-term supply is flushed out, this could create a solid foundation for future price recovery, even if short-term price fluctuations persist.
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