Bitcoin under pressure, small investors withdraw

Difficult to anticipate Bitcoin’s trajectory without resorting to conjectures. But some signals leave no room for doubt. By crossing on-chain data, ETF flows, fee drops, and whale movements, a clear pattern emerges. A reshuffling of the cards is underway. BTC, once the domain of the curious and the bold, seems to become the hunting ground of the most powerful. So, what next for the crypto queen?

Bitcoin: crypto rift between whales and small holders

The gap widens. This week, the BTC network saw the number of active addresses drop to 692,000. That’s a 2.2% decrease, below the lower statistical threshold. Meanwhile, on-chain volume jumps by 7.8%, reaching $10.3 billion. Who keeps moving so much? Whales, of course.

Transaction fees plunged by 17%, a sign of massive retail disengagement. Less pressure on blocks, hence fewer movements from the small holders. The trend is similar on the institutional side: American crypto ETFs record $1 billion in net outflows.

As Glassnode summarizes:

On-chain demand weakened as activity declined, profits faded, and caution grew among traders and institutions.

Glassnode, Market Pulse Week 34

Fear also spreads in wallets. NUPL drops to 5%, the share of the supply in profit falls to 91%. The euphoric sentiment evaporates, slowly but surely.

Crypto strategies: whales prepare their offensive in silence

In market troughs, strategies take shape. The apparent calm is a facade. For savvy actors, every Bitcoin pullback is an opening. They advance quietly, but methodically.

The five signs of a strategic crypto repositioning:

• Active addresses at the lowest: 692,000 on the network;
• Volumes up despite the drop: $10.3 billion traded;
• Fees down: -17%, a breathing network;
• Negative ETF flows: $1 billion withdrawn in one week;
• NUPL at 5%: end of speculative euphoria.

The Glassnode report supports this change:

Market structure shifted from euphoria to fragility. Spot and futures show weakened momentum, options signal a need for hedging, and ETF flows reveal institutional caution.

Glassnode, Market Pulse Week 34

Even the Realized Cap indicator confirms this slow accumulation. Its 3.2% rise shows a moderate but steady recovery. Behind the scenes, levers adjust, plans form. When the rebound comes, they will already be in place.

While Bitcoin now seems captive to strong hands, another dynamic deserves attention: during sharp drops, billions migrate from BTC to Ethereum. Whales move their tokens, testing new playgrounds. What if the next crypto momentum is being prepared elsewhere?