Bitcoin eyes $100K once again – Can bullish momentum spur investors?

• Despite large sell-offs, a certain cohort of investors has continued purchasing BTC, supporting its price movement.
• The bullish sentiment extends across Bitcoin miners and spot traders in the market as well.

Bitcoin [BTC] is beginning to make moves to reclaim the $100,000 region, trading below it at $98,215.61 at press time, 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.

Bitcoin redistribution taking place

There’s a current redistribution of Bitcoin in the market. This implies that the group of market participants holding more BTC is shifting.

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.

Source: Glassnode

According to data from Glassnode, Bitcoin sharks currently have a dominance of 20%, meaning they are accumulating more BTC than any other cohort.

With this redistribution, particularly between small and relatively large holders, it 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.

Source: Cryptoquant

Bitcoin miners realizing minimal profit

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.

Source: CryptoQuant

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 align

Spot traders are beginning to align with market sentiment, as there’s been significant BTC purchasing activity in recent days.

Read Bitcoin’s [BTC] Price Prediction 2025–2026

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.

Source: CryptoQuant

If this purchasing trend continues, it would indicate a decisive bullish turn among spot traders, aligning with the current sentiment from BTC investor groups and miners.