Bitcoin Whales and Miners' Signals Hint at Potential Upside. According to new data from CryptoQuant, large Bitcoin holders currently hold 3.57 million BTC.
This is close to the previous peak of 3.74 million BTC recorded in early 2021.
Bitcoin Whales Increase Holdings
When whales steadily increase their holdings, they become a source of strong demand. Their increasing accumulation reduces available supply and supports prices.
The current upward trend in whale holdings suggests that institutions and high-net-worth individuals view dips as buying opportunities and anticipate higher prices ahead.
"This indicator reflects the actual balance of large holders by excluding exchange and mining pool addresses. It more clearly shows the strategic accumulation of large investors. The continuous increase in whale holdings often indicates institutional confidence and strong fundamental demand, which are key drivers of long-term upward cycles." – JA Martoon, a CryptoQuant analyst, told BeInCrypto.
However, not all indicators point to an increase. According to CryptoQuant, the Hash Ribbons indicator tracking miner stress recently showed a buy signal.
This generally reflects short-term volatility where miners face profitability issues and must sell some Bitcoin.
Historically, such short-term stress often sets the stage for sustained increases. Miner capitulation can trigger initial price drops.
Ultimately, it removes weak participants from the market and reduces supply.
Bitcoin's price showed significant volatility last week. Influenced by the public dispute between Elon Musk and Donald Trump, Bitcoin briefly dropped below $101,000, triggering approximately $1 billion in liquidations.
However, Bitcoin quickly recovered above $105,000, indicating strong buying pressure.
Technical analysts are also optimistic. They highlight a "cup and handle" formation on Bitcoin's daily chart, expecting a bullish breakout if the price exceeds $108,000.
A Buy Signal From the Hash Ribbons!
— CryptoQuant.com (@cryptoquant_com) June 5, 2025
"We recently got a new buy signal from the Hash Ribbons indicator. This metric helps us assess the level of stress in the Bitcoin mining ecosystem." – By @Darkfost_Coc pic.twitter.com/O6jrwfXfHq
Additionally, institutional activity supports this bullish outlook. Bitcoin futures open interest has increased by over $2 billion in recent days, with funding rates remaining low.
This creates a fertile environment for a potential short squeeze.
Can BTC Maintain the $100,000 Psychological Support?
Currently, whale accumulation and miner stress data identify a clear trading range. Strong support is located between $100,000 and $102,000.
This suggests BTC is likely to maintain the $100,000 psychological level even during short-term corrections.
Meanwhile, resistance is between $108,000 and $110,000, and breaking this range could accelerate prices to $120,000.
Traders should carefully watch for catalysts like additional miner selling. Such factors can quickly impact price movements.
Additionally, Fed-related macroeconomic headlines and global trade dynamics are likely to maintain high volatility.
