Bitcoin whales have resumed accumulation after nearly a year, indicating a shift in the market dynamics. This resurgence in accumulation is evident among wallets holding 10,000 to 100,000 BTC, which have started buying again after a prolonged period of distribution. This trend marks a significant change, as these wallets had been net distributors for nearly a year. Additionally, dolphin wallets, holding between 100 and 1,000 BTC, have been actively accumulating for weeks, showing consistent signs of aggressive buying. However, retail-sized addresses and mega-whales continue to distribute their holdings.
The spent output profit ratio (SOPR) has also shown a rare uptick, indicating rising profitability among Bitcoin holders. This is the third surge in SOPR within the same bull cycle, suggesting a healthy distribution phase where long-term holders are taking profits. Despite this profitability, there is no sign of crowd euphoria, as social volume has sharply dipped. This muted sentiment could indicate a stealth phase in the market, where holders are profitable but the broader crowd is not yet excited. As long as SOPR holds and euphoria stays subdued, there is potential for a surprise move to the upside.
Bitcoin’s recent consolidation near the $108,000 level with low volatility suggests a pause rather than a pullback. The relative strength index (RSI) is around 54.9, reflecting neutral momentum, while the moving average convergence divergence (MACD) shows a weak but ongoing bullish crossover. Although the histogram is flattening, indicating waning buying pressure, there is no bearish divergence yet. This cooling phase could be the calm before the next significant move, as the SOPR is trending up and crowd excitement remains subdued.
