Yesterday, Bitcoin (BTC) surged to a new all-time high (ATH) of $111,880 on Binance, up more than 45% from its April 6 low of roughly $76,000. Yet behind this impressive rally lie mixed whale reactions—and understanding these on-chain dynamics is key to positioning your portfolio for both short-term resilience and mid-term upside.

Bitcoin Whale Reactions: Profit-Taking vs. HODLing

New Whales Taking Profits:

Recent data from CryptoQuant highlights that new whales—addresses holding BTC for under 30 days—have been actively cashing out, increasing selling pressure as prices peak. This profit-taking could foreshadow short-term pullbacks, especially if supply outpaces fresh demand.

Old Whales Stay the Course:

In contrast, old whales, those holding coins for over six months, have exhibited minimal selling. Their continued accumulation underscores long-term confidence in Bitcoin’s bullish trajectory and suggests that fundamental conviction remains strong despite near-ATH prices.

Moderate Activity from Mid-Term Whales:

Whales with 7–30 days holding periods are taking a more cautious approach: moderate profit-taking that reflects both recognition of gains and wariness of overextension. This restrained behavior hints at a market still balancing euphoria and prudence.

Net Realized Profit/Loss Indicates Cooler Momentum

The Net Realized Profit/Loss (NRPL) during this rally remains notably below levels seen at previous market peaks. Because NRPL measures the net profit or loss locked in by sellers, a relatively low NRPL suggests that widespread profit-taking hasn’t yet reached fever-pitch levels—potentially a healthy sign, but also a caution flag on rally sustainability.

Short-Term Correction vs. Mid-Term Continuation

• Short-Term Outlook: Given aggressive profit-taking by new whales, a pullback toward the $100,000–$105,000 support zone could materialize to absorb excess selling pressure and re-establish healthier buying conditions.
• Mid-Term Outlook: The steadfast positions of old whales, combined with muted NRPL, point to a strong foundation for renewed upward momentum following any consolidation. Pullbacks may present accumulation opportunities for savvy investors.

Net Realized Profit/Loss Indicates Cooler Momentum

CryptaBlocks analysts interpret these Bitcoin whale reactions as a dual-phase signal: prepare for possible short-term corrections but stay alert for renewed bullish advances in the medium term. Long-term holders remain confident, and suppressed NRPL indicates that the market may not yet be exhausted—setting the stage for further gains once volatility stabilizes.