Bitcoin Approaches $108,000 Mark With 69% Whale Activity Surge

Coin WorldFriday, May 9, 2025 11:18 pm ET
1min read

Bitcoin is currently approaching the $108,000 mark, a level that could determine whether the cryptocurrency is on the verge of a significant bullish breakout or a potential bull trap. Every Bitcoin holder is currently in profit, with all unspent transaction outputs (UTXO) age bands showing gains. This indicates a strong confidence across the entire Bitcoin network, with both retail and institutional investors showing increased activity.

Large holders, often referred to as whales, have shown notable shifts in behavior. The 7-day Exchange Netflow Ratio has surged by 69%, suggesting that these large holders are either preparing to sell or repositioning near the key resistance level of $108,000. Historically, such spikes in netflow near price ceilings have often preceded significant market movements. This could signal either a potential price correction or a continuation of the upward trend.

Transaction growth has been broad-based, with transfers between $10,000 and $100,000 rising by 25.85%, and volumes between $1 million and $10 million climbing by 26.18%. This broad growth indicates rising confidence and liquidity throughout the market, which often strengthens market

and supports upward continuation.

On-chain activity has also increased, with active addresses rising by 8.79% and new addresses up by 8.13% this week. This signals fresh demand entering the market, which historically has coincided with the early phases of strong bullish cycles. New user inflow contributes to organic demand and reduces reliance on speculative momentum, further supporting the bullish trend.

Valuation metrics are also aligning with the bullish momentum. Bitcoin’s Stock-to-Flow Ratio jumped 75% post-halving, indicating increased scarcity as supply shocks begin to take hold. Meanwhile, the Network Value to Metrics (NVM) ratio climbed 19.01%, showing that price growth is supported by expanding network utility. This combination of scarcity and usage supports higher valuations, a phenomenon typically seen during strong bullish phases.

Technically, Bitcoin has formed a clear cup-and-handle pattern with a neckline resistance around the $108,000 mark. A breakout above this level could potentially trigger a surge toward $120,000. The current rally displays structure, volume, and on-chain support. Historical breakouts from this pattern often lead to rapid price expansions. Traders are closely monitoring these levels, as sustained buyer control may usher Bitcoin into a new price discovery phase in the coming days.

In summary, Bitcoin is currently enjoying full-chain profitability, whale interest, and a robust technical structure, signaling that momentum clearly favors the bulls. However, the $108,000 resistance level remains critical. Should buyers break through this zone convincingly, Bitcoin could embark on a path towards new all-time highs, supported by strong foundational metrics and market activity.