Bitcoin whales bought 30,000 BTC in four days, offsetting $1.25B in institutional selling pressure.
Accumulation in the spot market and long positions in the derivatives market could contribute to Bitcoin’s strength.
After reaching a new all-time high of $111,907 in May, Bitcoin [BTC] continued to maintain its bullish sentiment by staying above the $100,000 region, despite fluctuating market sentiment.
Analysis showed that whales have played a key role in sustaining this bullish level, despite heavy selling pressure from various market cohorts, particularly institutional traders.
Can whales continue to support BTC? Here’s what AMBCrypto found.
Whales stay ahead of sellers — This is how
The past 96 hours have seen massive Bitcoin movement in the market.
Bitcoin whales bought 30,000 BTC—worth over $3 billion—at a time when institutional players were offloading.
Whales are addresses that hold significant liquidity, enabling them to buy or sell large amounts of an asset and influence its price.
Source: Santiment
Institutional traders sold roughly $1.25 billion in BTC during the past 72 hours, as seen in Exchange Netflow data.
This selling trend is notable, considering institutional investors collectively hold $129.62 billion in Bitcoin. Continued selling without offsetting whale purchases could significantly impact the asset’s price.
What are other market segments doing?
Moreover, the Futures market looked confident.
Analysts used Open Interest and Funding Rate to assess the futures market sentiment, which currently leans positive.
Open Interest, which measures the total number of unsettled derivatives contracts, continued to grow and stood at $71.28 billion at press time.
Source: CoinGlass
The Funding Rate, which indicates whether these unsettled contracts are mostly bullish or bearish, leant bullish as well.
At the time of writing, the Funding Rate remained positive at 0.0058%, a positive value, meaning long traders are paying a premium to maintain their positions.
In the spot market, this sentiment is mirrored, with $228 million in purchases recorded since the 2nd of June.
Source: CoinGlass
A continued rise in sentiment could further strengthen Bitcoin’s position.
Two-way bias on Bitcoin
Having said that, the Binance Liquidation Heatmap showed large liquidity pools at both $108,000 and $104,000, indicating that the asset could trend in either direction.
Source: CoinGlass
For a more decisive market move, stronger sentiment must emerge on either side.
However, current sentiment still suggests that Bitcoin is likely to maintain its stance above the $100,000 level.
Next: USD1 soars 10x after Binance listing, but centralization risks loom
