Bitcoin Steadies Above $114K as Whales Accumulate and Short Pressure Eases
Bitcoin (BTC) is holding firm above $114,000, with steady whale accumulation and a moderate round of short liquidations helping offset the first signs of long-term supply softening in this cycle.
Long-Term Holders Trim Exposure
On-chain data from Glassnode show roughly 62,000 BTC — about 0.4% of Bitcoin’s illiquid supply — have moved out of long-term storage since mid-October. The shift marks the first notable decline in dormant holdings this cycle, suggesting that some long-term investors are beginning to reintroduce coins to the market.
Despite this supply uptick, large holders appear to be absorbing available liquidity. Whale wallets — addresses holding substantial BTC balances — have expanded their positions over the past 30 days and have shown no significant selling since October 15.
In contrast, smaller holders in the 0.1–10 BTC range (roughly $10,000–$1 million) have been gradual sellers since late 2024, pointing to a redistribution trend where short-term traders take profit while whales accumulate.
Derivatives Stay Balanced
Leverage across futures markets remains neutral. According to Hyperliquid, open interest stands near $4.1 billion, with positioning split almost evenly between longs and shorts.
Over the past 24 hours, CoinGlass tracked about $413 million in total liquidations — including $337 million in short positions. The move represents a moderate flush rather than a full-scale short squeeze, enough to stabilize positioning but not to trigger panic buying.
A Controlled, Range-Bound Recovery
Bitcoin’s climb from $110,000 to $114,900 reflects a measured rebound supported by steady spot accumulation and mild short covering rather than speculative momentum.
With illiquid supply easing, whale demand firm, and leverage evenly distributed, BTC appears to be consolidating within a $113,000–$116,000 range. The market’s next directional move may hinge on macro catalysts, particularly the upcoming Federal Reserve meeting this week.
Market Overview
- Bitcoin (BTC): Recovered from $110K to $114.9K as whales absorbed supply and shorts reset positions, marking stability rather than breakout momentum.
- Ether (ETH): Rose 6% to $4,186, outperforming BTC as traders rotated into higher-beta assets. The move remains largely momentum-driven without major new inflows.
- Gold: JPMorgan projects gold could reach $5,055/oz by 2026 and $6,000 by 2028, calling the recent dip a healthy consolidation within a long-term uptrend supported by rate-cut expectations and central bank demand.
- Nikkei 225: The Nikkei 225 surpassed 50,000 for the first time, lifted by optimism surrounding U.S.–China trade discussions and domestic growth expectations under Prime Minister Sanae Takaichi.
