Author: Martin
Recently, Bitcoin once again broke through $120,000. On-chain data quietly released positive signals. Data from multiple sources including Glassnode shows that the selling pressure from the whales, who previously led the market, is weakening. New structural demand is gradually emerging, laying the foundation for Bitcoin's next upward trend.
Whale Selling Wave Slows, Market Pressure Eases
The selling behavior of Bitcoin whales has noticeably slowed down recently. According to Glassnode's Accumulation Trend Score data, previously all wallet cohorts (from those holding less than 1 BTC to whales holding over 10,000 BTC) showed a distribution (selling) tendency, with particularly large holders being very active in selling at one point.
Market analysis points out that this broad selling trend may be undergoing a change. The selling pressure from whales has been largely released, creating conditions for market stabilization.
New Structural Demand is Accumulating
While whale selling is slowing, a new demand base is forming in the market. On one hand, Bitcoin's cost basis concentration zone has formed an important support band in the $93,000 - $110,000 range. This area has been continuously accumulating holdings since December 2024, showing strong support.
On the other hand, institutional long-term confidence in Bitcoin has not weakened. Data shows that some strategic entities are continuously accumulating Bitcoin. Although short-term prices have experienced fluctuations, the market has not entered an extreme panic phase, and the investor structure remains relatively healthy.
Significant Improvement in Market Liquidity Lays Foundation for Rise
It is worth noting that the liquidity of the Bitcoin market is vastly different from before. Previously, an early Bitcoin holder liquidated over 80,000 Bitcoins (worth approximately $9 billion) through Galaxy Digital, but the market only experienced a brief fluctuation before quickly recovering.
This phenomenon indicates that the market depth and liquidity of Bitcoin have significantly improved, capable of digesting large-scale sell-offs without triggering panic selling. As the U.S. Securities and Exchange Commission (SEC) plans to introduce an "innovation exemption" for cryptocurrency companies, and the trading volume share of the spot Ethereum ETF rises to 15%, the integration of crypto assets through traditional financial channels is continuously deepening.
Gathering Momentum, Awaiting a New Cycle
Overall, the Bitcoin market is at a critical juncture of transitioning between old and new dynamics. The reduction in whale selling pressure and the accumulation of new structural demand together provide direction for the market's next move.
With the optimization of the market structure and the strengthening of underlying support, Bitcoin may be brewing a new round of upward movement. For investors, focusing on the real signals revealed by on-chain data, rather than short-term price fluctuations, might be the key to grasping future trends.
