Bitcoin: Analyzing the Changing Behavior of Cryptocurrency Whales Through Key Metrics

Key Points

• Bitcoin’s 60-day Coin Days Destroyed (CDD) has returned to baseline, indicating a slowdown in long-term holder activity.
• Bitcoin’s MVRV Ratio rebounded to 126.73%, suggesting most holders are back in profit territory.

Bitcoin’s Coin Days Destroyed (CDD), a measure of long-term holder activity, has returned to baseline after a year of heightened activity.

This change coincides with the broader market entering a phase of sideways trading, with the price of Bitcoin hovering just below the critical $96K resistance zone.

Are Whales Preparing for Accumulation?

Large Bitcoin holders appear to be slowing their distribution pace, with the 7-day Netflow plunging by –619.31%.

This sharp decrease in outflows could signal a shift in whale behavior from selling to holding or accumulating Bitcoin.

Bitcoin’s MVRV Ratio, a measure of profitability, has rebounded to 126.73% after reaching lows near 83% in early April.

This recovery suggests most holders are back in profit territory, which could lead to increased sell-side pressure.

Bitcoin’s Social Buzz and Technical Outlook

Social sentiment towards Bitcoin has seen an uptick, with Social Dominance reaching 25.04% and Social Volume at 3,274.

This renewed interest from retail investors often correlates with rising volatility, potentially acting as a secondary catalyst for momentum.

From a technical perspective, Bitcoin is hovering near the $96K resistance level.

A decisive close above this level could trigger a rally towards $100K.

However, rejection at this level might extend the consolidation phase.

The long-term holder activity of Bitcoin is stabilizing, and whale outflows are decreasing.

With growing social interest and prices consolidating below resistance, Bitcoin appears poised for a breakout.

However, for this rally to materialize, bulls must reclaim and maintain levels above $96K to confirm the upward momentum.