- Whale selling contrasts with $3.3B inflows and long-term holders adding 881K BTC.
- NVT spikes, new address growth slows, and liquidation zones threaten increased volatility.
On the 11th of June, Bitcoin [BTC] accumulation wallets saw the biggest single-day inflow of 2025, absorbing 30,784 BTC worth $3.3 billion.
These wallets, often tied to long-term holders and not linked to exchanges, now collectively hold 2.91 million BTC.
Notably, this occurred while Bitcoin traded around $104,719, reflecting a 2.41% daily drop. Despite short-term volatility, the size and conviction of these inflows suggest a long-term bullish bias.
This behavior implies that large holders are positioning for a potential upside even as retail sentiment appears cautious.
Whales vs. LTHs
A prominent whale wallet recently deposited 1,000 BTC worth $106 million to Binance, continuing a selling streak that began in April 2024.
So far, this wallet has offloaded 6,500 BTC, signaling a strong intent to realize profits as price approaches key resistance.
However, the whale still holds 3,500 BTC, indicating it’s not a full exit but a tactical distribution. In contrast, long-term holders have added a staggering 881,578 BTC in the past 30 days, according to CryptoQuant.
This aggressive accumulation reveals unwavering conviction in Bitcoin’s long-term upside despite short-term volatility and whale exits.
Source: CryptoQuant
Can bulls conquer the $112K supply wall?
Bitcoin’s price has failed multiple times to breach the $112K resistance. The market structure still leans bullish due to rising trendline support.
However, the Relative Strength Index (RSI) dipped below 50, highlighting waning momentum. Therefore, unless buyers reclaim the $106K zone soon, the risk of another pullback toward $101K increases.
Nevertheless, bulls could trap late shorters if they manage to push prices above this congestion zone. Market indecision around this level is likely to define BTC’s next move.
Source: TradingView
Is BTC’s valuation outpacing its utility?
The Network Value to Transaction (NVT) ratio surged 15.21% to 36.49, reflecting growing divergence between market cap and on-chain transfer volume.
Such spikes have historically indicated speculative overvaluation. Therefore, this metric now suggests that Bitcoin’s price may be rising faster than actual demand for transactional use.
If this trend persists, it could precede a local top. However, high NVTs can also occur during early stages of long-term uptrends, especially when holders prefer accumulation to spending.
Source: CryptoQuant
What’s keeping BTC active?
Over the past week, active addresses rose by 1.69%, while new addresses fell by 2.36%. This suggests current users remain engaged even as new user inflows slow.
Therefore, the market is likely running on internal momentum rather than attracting fresh capital.
While this dynamic can support short-term rallies, long-term sustainability usually requires expanding the user base.
Nonetheless, the increase in active wallets signals that committed holders are still participating, which stabilizes the network during uncertain conditions.
Source: IntoTheBlock
Liquidation clusters aim at volatility
The 24-hour Binance liquidation heatmap highlights dense long liquidations around $105K and $102K. Therefore, price movements into these zones may trigger cascading stop-losses.
This setup increases volatility risk if bears push below these thresholds. However, if BTC holds above $104K, it may trap short positions and initiate a relief bounce.
These clustered zones often act as inflection points, amplifying whichever side gains momentum. Consequently, traders should monitor these levels for sharp moves in either direction.
Source: CoinGlass
Will long-term holders fuel the next breakout?
Despite price rejection near $112K and short-term whale selling, long-term accumulation and record inflows into HODL wallets reflect strong conviction.
Network fundamentals appear mixed, with weakening user growth but steady activity from current participants.
Elevated valuation metrics suggest caution, but buyer behavior implies confidence in long-term upside.
Therefore, if Bitcoin can reclaim $106K and defend key support, the next leg toward new highs could be underway.
