Bitcoin: Is there a shift in whale behavior? – THESE metrics say so

• Bitcoin’s Coin Days Destroyed dropped, indicating long-term holders slowed down redistribution activity.
• BTC appeared poised for a breakout, but confirmation depended on holding above key resistance.

After nearly a year of heightened long-term holder activity, Bitcoin’s 60-day Coin Days Destroyed (CDD) has returned to baseline, signaling a cooldown in redistribution. 

This shift comes as the broader market enters a phase of sideways trading, with price compression just below the crucial $96K resistance zone. 

Historically, a drop in long-term holder activity often precedes a fresh accumulation cycle, raising questions about whether bulls are preparing for the next leg up.

At press time, Bitcoin [BTC] continued to trade sideways, hovering just below the key $96K resistance. BTC stood at $95,167.74, up 0.45% on the day.

Are whales preparing for accumulation amid sharp netflow drops?

In fact, large holders appeared to ease their distribution pace.

The 7-day Netflow plunged by –619.31%, with 30-day and 90-day changes at –110.24% and –61.82%, respectively.

This steep decline in outflows signals a potential shift in whale behavior from selling to holding or accumulating.  Moreover, the timing aligns with the cooldown in long-term holder activity.

Therefore, the drop in netflows reinforces the narrative of reduced selling pressure and increasing supply stability.

Source: IntoTheBlock

Is rising MVRV signaling profit-taking risk or strength?

Bitcoin’s MVRV Ratio rebounded to 126.73% as of press time, after reaching lows near 83% in early April.

This sharp recovery indicates that most holders are back in profit territory, which often leads to increased sell-side pressure. 

However, the current MVRV level is not extreme compared to historical peaks, suggesting there’s still headroom before entering euphoria zones.

Therefore, while caution is warranted, the profitability bounce should not yet be interpreted as an imminent reversal signal.

Source: Santiment

On-chain valuation models present a mixed picture.

The NVT Golden Cross dropped by –75.03%, suggesting that Bitcoin is relatively undervalued based on transaction activity.  Meanwhile, the Puell Multiple sits at 1.08, down –11.87%, indicating issuance is slightly elevated but not alarming.

Together, these signals painted a picture of valuation equilibrium—not stretched, but still offering upward room.

BTC social buzz: Are retail traders re-engaging with Bitcoin?

On top of that, social sentiment saw an uptick.

As of the time of writing, Social Dominance reached 25.04% with Social Volume at 3,274, reflecting renewed retail interest. These spikes follow BTC’s resilience near key resistance zones, suggesting growing market attention. 

While not yet at mania levels, the increase in community chatter often correlates with rising volatility.  Therefore, if interest continues to build, it could act as a secondary catalyst for momentum.

Source: Santiment

Will Bitcoin overcome the $96K hurdle soon?

From a technical lens, BTC hovered near $96K, a press time, with the RSI at 66.60—edging into overbought territory. The Bollinger Bands showed a squeeze pattern developing, signaling an imminent volatility spike. 

Key support lies around $92.7K and $89.5K, while the next resistance is $99K. The tightening price structure suggests a breakout or breakdown is imminent. 

Therefore, a decisive close above $96K could trigger a rally toward $100K, while rejection might extend consolidation.

Source: TradingView

Bitcoin is gearing up for a potentially significant move, as long-term holder activity stabilizes and whale outflows diminish.

Profitability has improved without reaching overheated levels, and on-chain valuations currently range from neutral to slightly bullish.

With growing social interest and prices consolidating below resistance, BTC seems poised for a breakout. However, for the rally to materialize, bulls must reclaim and maintain levels above $96K to confirm the upward momentum.