Bitcoin Whales Hold $150 Billion Gains, 38% Increase in April
1min read Bitcoin whales are currently holding onto a substantial amount of unrealized gains, totaling nearly $150 billion. This figure represents their largest paper profit since February and marks a 38% increase just in April. Historically, when these gains approach the $200 billion mark, whales tend to sell off their holdings, which often leads to market corrections.
The number of whale wallets, defined as those holding 1,000 or more BTC, has been increasing. Over the past two months, more than 100 new entities have emerged, bringing the total whale count close to 1,700. This increase suggests that major players are repositioning themselves as prices rally, indicating both conviction and strategic planning. The growing number of whales implies greater market-moving potential when the market dynamics shift.
Bitcoin's price has been consolidating around $95,000, showing signs of potential exhaustion as the Relative Strength Index (RSI) hovers near 68, which is close to overbought territory. Despite this, the Moving Average Convergence Divergence (MACD) indicates strong bullish momentum with a widening gap between the MACD and signal lines. Daily price movements are within tight ranges, suggesting market indecision. If bulls can push the price past $95,500 with significant volume, the next resistance levels to watch are $98,000 to $100,000. However, a pullback to the $91,000 to $92,000 support zone is also a possibility if momentum weakens. Short-term traders should exercise caution, as the high momentum comes with an increased risk of reversal.
While the exact impact of whale activity on the market remains uncertain, it is clear that these large holders are not merely passive participants. Their strategic positioning and the potential for significant sell-offs add an element of unpredictability to the market. As Bitcoin approaches key resistance levels, the actions of these whales will be closely watched for any signs of market-moving activity.
