Bitcoin Nears $100K as Bulls Charge, Miners Sell

Bitcoin is on the cusp of reclaiming the $100,000 region, trading just below it at $98,215.61 at the time of this report, following a minor price gain of 0.42% in the past 24 hours. The rally is expected to extend, potentially taking BTC into the marked zone on the chart, as there’s been a growing bullish sentiment from large cohorts of investors, spot traders, and miners in the market.

There’s a current redistribution of Bitcoin in the market, indicating a shift in the group of market participants holding more BTC. Currently, the shift has been moving from whales, who hold at least 1% of the circulating BTC supply, to two other cohorts: Shrimp—holding less than 1 BTC—and sharks, who hold between 100–1,000 BTC. However, sharks are taking the lead, with a dominance of 20%, suggesting they are accumulating more BTC than any other cohort. This redistribution, particularly between small and relatively large holders, suggests growing confidence among these cohorts, who likely see BTC’s dip below $100,000 as a buying opportunity.

A closer look at Bitcoin’s NUPL (Net Unrealized Profit/Loss) confirms this bullish trend. At the time, the NUPL shows the market is in the “belief” phase, or a bullish continuation phase, with a press time reading of 0.556, indicating overall buying activity.

Bitcoin miners, who play a major role in maintaining the chain’s integrity, have gradually been selling, as indicated by the Miner Position Index (MPI) on CryptoQuant. The MPI read negative 0.8 at the time of writing, indicating low selling pressure. This suggests miners are likely taking profits to cover operational costs. Once this phase concludes, these miners may gradually begin purchasing BTC again, adding to their portfolios and contributing to the underlying bullish pressure in the market.

Spot traders are beginning to align with market sentiment, as there’s been significant BTC purchasing activity in recent days. In the past 24 hours alone, Exchange Netflow data shows 1,100 BTC were purchased from cryptocurrency exchanges—a significant increase from the 262 BTC purchased the previous day.