Bitcoin continued to trade sideways between $63,000 and $64,000. At the time of writing, BTC was trading around $63,923 after gaining 1.82% in 24 hours.
However, Trading Volume fell 46%, reflecting weak market participation.
Why is this Bitcoin whale back?
Like Bitcoin (BTC) A sideways trading long-term investor has returned to the market after a year of inactivity.
According to Onchain Lens, the whale wallet received another 1,001 BTC worth approximately $64 million. A year ago, the whale purchased $290 million worth of Bitcoin through Galaxy Digital.
Its return during weak market conditions showed renewed confidence, but the transfer alone did not confirm broader whale demand.
Are other whales buying BTC?
Interestingly, although this whale has returned, the other whales have shrunk significantly and are now on the sidelines.
Looking at the Clearing Whale Ratio, this metric has continued to move sideways, staying around 0.3 over the past three days. In the short term, this measurement shows whales reducing their buying and selling.
The rate decreased from 0.33 to 0.31. This meant that the largest inflows accounted for a slightly smaller share of total deposits.
In contrast, Spot Net Flow remained negative for four consecutive days, indicating that overall foreign exchange outflows exceeded inflows.
Spot Netflow was around -$10.86 million at the time of writing. A continuation of outflows may ease immediate selling pressure but has not confirmed a whale accumulation.
What’s next for BTC?
Although some whales still remain active in the market, demand remains weak. The group’s purchasing activity currently remains below average.
As a result, downside risk remains high. Looking at the ADX with SMA indicator, it can be seen that the positive index continues to decline. +DI dropped to 14, while the negative index rose to 26 and ADX to 17.
The rise of ADX and -DI together indicates that the downward pressure is stronger. Therefore, Bitcoin is likely to see some losses on the price charts.
If whale demand remains weak as it is right now, BTC is likely to fall below $63k again towards $62,697, where the Long MA is currently located. To avoid further slide, BTC needs to hold above $63,906 and flip $64,000.
Final Summary
- A sleeping whale received 1,001 BTC worth $64 million after a year of inactivity.
- Negative Spot Net Flow reduced immediate supply but overall demand and price momentum remained weak.
