Assessing Bitcoin’s sideways drift as dormant $290M BTC whale reloads
Bitcoin’s supply tightened on exchanges, but buyers still lacked conviction.
Bitcoin continued trading sideways between $63,000 and $64,000. At press time, BTC traded around $63,923 after gaining 1.82% over 24 hours.
However, Trading Volume fell 46%, reflecting weaker market participation.
Why did this Bitcoin whale return?
As Bitcoin [BTC] traded sideways, one long-term holder returned to the market after a year of inactivity.
According to Onchain Lens, the whale wallet received another 1,001 BTC worth approximately $64 million. A year earlier, the whale acquired $290 million worth of Bitcoin through Galaxy Digital.
Its return during weaker market conditions suggested renewed confidence, although the transfer alone did not confirm broader whale demand.
Are other whales buying BTC?
Interestingly, even though this whale returned, other whales have scaled back significantly and are now sitting on the sidelines.
Looking at the Exchange Whale Ratio, this metric has continued to move sideways, holding around 0.3 over the past three days. In the short term, this metric indicates that whales have reduced buying and selling.
The ratio slipped from 0.33 to 0.31. This meant the largest inflows accounted for a slightly smaller share of total deposits.
By contrast, Spot Netflow remained negative for four consecutive days, showing that overall exchange outflows exceeded inflows.
Spot Netflow stood near -$10.86 million at press time. Continued outflows could reduce immediate selling pressure, but they did not confirm whale accumulation.
What’s next for BTC?
Although some whales still remain active in the market, demand remains weak. The group’s buying activity currently remains below par.
As a result, the downside risk remains elevated. A look at the ADX with the SMA indicator shows the positive index has continued to drop. The +DI fell to 14, while the negative index rose to 26 and the ADX rose to 17.
ADX and -DI rising together suggested that the downward pressure is stronger. Thus, Bitcoin is most likely to see some losses on the price charts.
If whale demand remains weak, as it currently is, BTC is likely to drop below $63k again, towards $62,697, where the Long MA currently sits. To avoid further slippage, BTC must hold above $ 63,906 and flip $64k.
Final Summary
- A dormant whale received 1,001 BTC worth $64 million after one year of inactivity.
- Negative Spot Netflow reduced immediate supply, but broader demand and price momentum remained weak.
