- Bitcoin whales resume accumulation after nearly a year, while SOPR shows rising profitability without euphoria.
- BTC consolidation suggests a pause, not a pullback, making way for a potential breakout.
After weeks of sideways movement and cooling momentum, Bitcoin [BTC] appeared to be gearing up for its next major move.
On-chain data revealed a resurgence in whale accumulation, while a rare uptick in the spent output profit ratio has started discussions about a possible breakout.
As Bitcoin explores uncharted territory, is this the beginning of the next leg in the bull cycle — or just another head fake?
Accumulation returns after hiatus
After a prolonged period of distribution, the BTC accumulation landscape has shifted.
New data revealed that wallets holding 10K to 100K BTC have resumed accumulation for the first time since March 2025 and July 2024, breaking a nearly year-long trend of sell-side pressure.
Source: Alphractal
Interestingly, this uptick didn’t emerge in isolation.
Dolphin wallets (100–1K BTC) have been stacking for weeks, with heatmaps showing consistent blue patches—classic signs of aggressive buying.
Source: Alphractal
In contrast, retail-sized addresses (<10 BTC) and even mega-whales (>100K BTC) continue to distribute.
Source: Alphractal
Interestingly, the 10-100 BTC bracket — previously net distributors — have shifted into mild accumulation territory, a positive signal showing improving sentiment even among mid-sized holders.
Profitability climbs, but no sign of crowd euphoria
Source: Alphractal
The SOPR is once again on the rise, an unprecedented third surge within the same bull cycle.
Historically, a sustained SOPR uptrend has shown confidence and a healthy distribution phase as LTHs take profits. This third leg up, still unbroken by a bearish crossover (blue below orange), reflects persistent profitability among Bitcoin holders.
Interestingly, this signal has not yet been met with great sentiment.
Source: Santiment
Despite SOPR flashing green, Santiment data revealed a sharp dip in Social Volume at press time. In other words, holders are profitable, but the crowd doesn’t seem to care (yet).
Could this be the market’s stealth phase? As long as SOPR holds and euphoria stays muted, there’s still room for a surprise move to the upside.
Momentum pauses but no breakdown yet
BTC consolidated near the $108K level with low volatility at press time.
The RSI rested around 54.9, reflecting neutral momentum — neither overbought nor oversold — while the MACD showed a weak but ongoing bullish crossover.
Despite prior gains, the histogram is flattening, suggesting waning buying pressure.
Source: TradingView
Even so, no bearish divergence has surfaced yet. With SOPR trending up and crowd excitement still subdued, this cooling phase may simply be the calm before the next move.
