Bitcoin whales have shown strong conviction this week. They purchased $32 billion worth of BTC (equivalent to 300,000 BTC) during the recent market volatility. This massive Bitcoin whale accumulation was key. It helped the price recover and surpass $105,000, moving it away from danger. Data from the Santiment platform confirms this large-scale accumulation activity.
The buying movement was notably strategic. Addresses holding between 10,000 and 100,000 BTC led this trend. They decisively capitalized on market weakness. They acted just as the price briefly touched $101,000. This massive purchase, valued at nearly $32 billion, demonstrates high conviction among large-scale holders. Therefore, their activity helped reinforce strong structural support above the $100,000 psychological level.
Bitcoin’s resilience is supported by solid metrics. The Realized Profit/Loss (P/L) Ratio confirms this. According to Glassnode, the 90-day moving average currently stands at 9.1. Although this represents a moderate cooldown from July’s peak, profitability remains very high. In fact, it is more than double the levels (3.4) recorded during the last two mid-cycle bear phases.
Is this strength a sign of long-term confidence or just a temporary bounce?
This data suggests investors are not in panic mode. Recent dips appear to be mild profit-taking, not mass capitulation. The sustained profitability among holders of the main cryptocurrency suggests confidence. Market participants maintain a positive long-term outlook. The Bitcoin whale accumulation reinforces this interpretation. They view dips as buying opportunities, not as a reason to sell.
At the time of this writing, Bitcoin is trading at $106,148. It is comfortably above the $105,085 support level. The recent momentum, driven by the whales, broke through psychological resistance. Given the renewed optimism and rising institutional demand, Bitcoin could continue its rally toward $108,000. The next key target would be to retest the $110,000 zone in the coming days. However, caution is warranted. If short-term traders resume profit-taking, Bitcoin’s price could slip back below $105,000. This could lead to a retest of support at $101,477, temporarily halting the bullish trajectory.
