TLDR:
- Over 1,000 BTC worth $120M were withdrawn from Binance and OKX in the past six hours, Lookonchain data shows.
- Bitcoin dropped to $103,705 after $1.17B in long positions were wiped out across major exchanges, Coinglass reports.
- Analysts warn $BTC could retest $100K support if current market pressure continues, based on trader sentiment.
- Despite short-term weakness, whale activity suggests renewed accumulation patterns may be forming at lower levels.
Bitcoin’s market is moving fast again. Large holders are back in motion, shifting hundreds of millions as prices falter. While retail traders face liquidation pressure, whales are quietly accumulating.
Market watchers now eye the $100,000 level as the next crucial zone. The market tone feels uneasy, yet data points to strategic buying beneath the surface.
Whales Accumulate as BTC Dips Below $104K
On-chain tracker Lookonchain reported several large withdrawals from major exchanges within hours.
A dormant address known as “37BnFf” transferred 800 BTC, worth roughly $85.5 million, from Binance and OKX. Another new wallet, “3Qus8D,” withdrew 190 BTC valued at nearly $19.8 million.
A third wallet, labeled “bc1qr9,” took 174 BTC from Binance, bringing its total holdings to more than 3,000 BTC worth about $315 million. These coordinated moves have sparked discussion across crypto circles.
Large withdrawals from exchanges often signal accumulation rather than selling, suggesting whales may be positioning for the next cycle.
Market participants noted that these addresses tend to act early during periods of market stress. Their reactivation after months of dormancy drew further attention, especially as Bitcoin’s price continued to slide. Such activity hints at confidence among long-term holders, even as traders turn cautious.
At press time, data from CoinGecko showed Bitcoin trading at $103,705 with over $84 billion in daily volume. Prices fell by 3.28% in the past 24 hours and 9.34% across the week.
Traders Brace for Bitcoin’s $100K Retest
According to market analyst Ted, Bitcoin’s short-term structure remains fragile.
He pointed out that if the $100,000 zone breaks, the next likely test could be near $92,000, an area associated with a CME gap. The view aligns with growing sentiment that leverage across the market is thinning.
Meanwhile, Coinglass data highlighted that $1.17 billion in long positions were liquidated within a day. Crypto influencer CryptosRus described it as a “short squeeze brewing,” explaining that large amounts of liquidity now sit above the current range.
He suggested markets could soon shift upward once the imbalance corrects.
The contrasting signals between liquidations and whale inflows reflect a market under tension. Some traders remain wary of deeper corrections, while others see these liquidations as fuel for a potential rebound.
As whales remove BTC from exchanges, the available supply tightens, adding intrigue to Bitcoin’s next move.
With sentiment swinging between fear and accumulation, investors continue to watch key on-chain levels closely. If the $100K mark holds, it could set the stage for renewed upside momentum.
