Bitcoin whales keep adding to their holdings even as price cools, and a potential Chinese crypto opening could give them another reason to hold rather than sell. Comments from a former UBS banker and rising Binance outflows point to the same trend: more BTC moving into long-term hands.
Bitcoin whales and long-term holders are still accumulating even as the price slips, and a potential crypto opening in China could reinforce their case for holding rather than selling into the current weakness.
Bitcoin has dropped to $83,000 from a recent level near $86,200, a move that leaves whales sitting on roughly 39% unrealized profit and sharks near 28%, based on their respective cost basis. That combination raises the risk of profit-taking. Bitcoin's Fear & Greed Index closed the last session at 73, the first time it reclaimed that level since October 1, but it has since eased to 71. The index remains in the Greed zone, yet the pullback could be an early sign that sentiment is starting to cool.
Whale wallets keep adding Bitcoin
Santiment data shows wallets holding between 10 and 10,000 BTC added 86,702 BTC over three weeks, lifting their combined holdings to the highest level since April 23. The increase suggests larger holders kept building exposure despite Bitcoin's recent weakness. However, accumulation alone cannot establish how long these wallets intend to hold; if they later sell, their larger balances could add supply to the market. For now, that remains a conditional risk rather than evidence that the buildup has turned bearish.
China's crypto pivot could test Bitcoin's holding strength
Joseph Chee, the former UBS Asia investment banking chief and current Solana Company CEO, pointed to Hong Kong as a testing ground for China potentially allowing greater crypto activity. In a CNBC interview, Chee suggested reopening access could trigger another crypto supercycle, describing a possibility rather than an announced policy change.
Meanwhile, CryptoQuant data shows more than $3.3 billion worth of BTC has left Binance over roughly two weeks, with weekly outflows reaching their highest levels since 2023. If this trend continues, China's potential pivot could give Bitcoin holders another reason to stay put instead of locking in profits.
Whale accumulation and exchange outflows point in the same direction: more BTC is moving into long-term hands. Should the supercycle narrative keep gaining traction, the unrealized profit levels sitting with whales and sharks could still expand, encouraging them to hold through the current weakness rather than sell into it.
Source: AMBCrypto
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