Though Bitcoin 
$76,467 remained within a narrow price band between $100,000 and $105,000, Blockchain data reveals that major players are ramping up their buying strategies. Despite withdrawals from spot ETFs and a decrease in open positions in futures markets, significant amounts of BTC continue to be transferred to long-term addresses. Institutional investors are increasingly opting for cold wallets, indicating a deepening of positions despite a stable price outlook.
Whale Accumulation Signals Structural Shift
According to CryptoAppsy data, Bitcoin started the day around $101,900, trading at the lower boundary of the range, while spot ETFs saw outflows of $278 million on Wednesday. Ethereum 
$2,266 ETFs experienced outflows of $184 million, whereas Solana 
$83 ETFs registered more than $18 million in inflows.
Futures’ open positions dropped by about 34% from the October peak, sliding below $42 billion. CoinGlass data reports total liquidations in the last 24 hours reaching $583 million, with most losses stemming from over-leveraged long positions. As the leverage burden eases, whale purchases are becoming more prominent.
Timothy Misir, head of BRN Research, noted that a weekly total of 45,000 BTC has been added to wallets, marking the year’s second-largest accumulation move and pointing to a structural position built under weak market conditions, totaling approximately $4.6 billion. Blockchain data shows most of these purchases being withdrawn from exchanges and moved to long-term storage, indicating a strengthening institutional trend. Glassnode’s new report highlights Bitcoin’s price movement in a weak horizontal band with limited potential above $106,000.
Impact of Macro Winds on Market Balance
With the U.S. government reopening after a 41-day closure, unlocking around $40 billion in liquidity, there is limited relief in risk appetite. During the same period, China’s Ministry of Commerce emphasized significant areas of economic cooperation with the U.S., suggesting a more conciliatory global trade tone. These developments supported market sentiment, stabilizing prices within the existing range.
Experts believe that strengthened whale purchases, alongside a positive macro outlook, contribute to a cleaner market structure. However, ongoing ETF withdrawals suggest continued pressure on the spot market. If institutional investors do not re-enter strongly and global political uncertainties return, Bitcoin’s consolidation phase might prolong. Misir describes the current state as “quiet, cleaned but not yet deep enough to carry a new trend.”
