Whales accumulate over 45,000 BTC amid a sideways market

Last week, Bitcoin continued to fluctuate in the range of $100,000–$105,000, with the overall market moving sideways, but on-chain data reveals a different picture: whales are actively buying. According to Timothy Misir, head of the research department at BRN, more than 45,000 BTC have been accumulated by whales in the week, worth approximately 4.6 billion USD, making it the second-largest accumulation level in 2025. Most of this BTC has been withdrawn from exchanges to cold wallets, indicating that this is a move by institutions rather than retail investors.

Spot ETF funds continue to show net outflows: Bitcoin ETF decreased by about 278 million USD, Ethereum ETF decreased by about 184 million USD, while Solana ETF recorded an inflow of about 18 million USD. In the futures market, open interest has decreased from over 64 billion USD to below 42 billion USD, with total liquidations nearing 583 million USD, primarily from excessive long positions.

A report from Glassnode shows that the market is in a “silent equilibrium” state, with strong resistance from $106,000 to $110,000, limiting the upward momentum. Experts assess that the current structure is shaped by the exhaustion of sellers around the $100,000 mark and a thick supply group in the $106,000 to $110,000 range, creating pressure that hinders price advancement.

Although the spot market is experiencing net outflows and open contracts are decreasing, whales continue to accumulate, consolidating institutional positions and building a foundation for long-term moves. According to BRN, the market currently has a “cleaner structure, but is not liquid enough to break out,” reflecting caution in investor sentiment.