Bitcoin has hovered below the $110,000 mark, showing little upward momentum. Despite nearing its all-time high in recent weeks, institutional rebalancing and on-chain dynamics are taking center stage. Recent analysis by CryptoQuant contributor Kripto Mevsimi has highlighted unusual on-chain activity during late June.
Mevsimi notes that conflicting behaviors among Bitcoin whales suggest a potential inflection point in market sentiment. A notable $641 million in realized profits was recorded alongside more than $1.24 billion in realized losses, indicating a shift in control. Newer whales showed signs of capitulation, while older whales locked in $91 million in profits with negligible losses.
CryptoQuant’s Darkfost also explored the unrealized profit profile of Bitcoin long-term holders (LTHs), revealing a downward trend despite BTC’s proximity to record highs. Average unrealized profits have fallen to around 220%, which is below the peaks recorded during market tops in March and December 2024.
The combination of these trends suggests a local exhaustion phase rather than a continued rally. The realized price for LTHs now stands at approximately $39,000, indicating a strong cushion but also reinforcing that speculative excess has yet to return in full force.
Source: https://www.tradingview.com/news/newsbtc:cf457d98d094b:0-whales-are-quietly-repositioning-here-s-what-bitcoin-s-107k-price-isn-t-telling-you