1. Bitcoin Hits $111K — Is It Déjà Vu from 2021?
As of June 4th, Bitcoin (BTC) surged to a recent high of $111,000, drawing comparisons to its 2021 bull run. However, key indicators suggest that market dynamics are shifting, particularly in terms of whale and long-term holder behavior.
2. Continuous Exchange Outflows Signal Long-Term Optimism
Since March, Bitcoin has seen an average of 3,600 BTC withdrawn from centralized exchanges daily. This consistent net outflow reflects strong accumulation behavior and indicates a preference for long-term holding rather than short-term selling—often a sign of bullish sentiment.
3. Short-Term Holder Selling Pressure Weakens
During Bitcoin’s approach to the $111K mark, profit-taking by short-term holders declined significantly. In early June, when BTC hovered around $108,000, only about 3,400 BTC was realized as profit—a sharp drop from the 49,500 BTC sold off during previous price peaks. This suggests that most short-term selling may already be absorbed by the market.
4. Long-Term Holders Are Accumulating at Scale
A significant shift has been observed among long-term holders. Since April, the Net Position Change has turned positive again, with more than 535,000 BTC being accumulated. This marks a reversal from the selling trend seen in late 2024 and implies that whales are actively buying back into the market.
5. Similar Patterns Preceded Previous Rallies
This accumulation trend by long-term holders is not new. Similar behavior was noted in October 2023 and again in September–October 2024, both of which preceded strong price rallies. The repetition of this pattern could hint at the beginning of a new bull market.