[Analysis] Bitcoin hovers in the $100,000 range… whale accumulation is the second-largest this year

Bitcoin (BTC) has been oscillating in the $100,000–$105,000 range, and analysis shows that whale wallet accumulation flows in the market are rapidly increasing.

On the 13th, crypto-focused media The Block reported, "While the macro environment is assessed as stable in the short term, there remain burdens such as ETF outflows and delayed institutional return, so a box-range movement is likely to continue." Bitcoin showed a lower-bound flow of the box range at the $103,000 level that day.

Open interest in the derivatives market is around $42 billion, down approximately 34% from the October peak ($64 billion). Liquidations amounted to $583 million, mostly from excessive long positions. After leverage was quickly unwound, whale wallet buying volumes actually expanded.

Timothy Misir, head of BRN Research, explained, "This week, more than 45,000 BTC were additionally purchased by whale wallets," adding, "It is the second-largest scale this year, equivalent to about $4.6 billion." He added, "Considering that exchange deposits have decreased and movements to cold wallets have increased, the likelihood of institutional buying is high."

On-chain analytics firm Glassnode said in its latest report that Bitcoin is continuing only a limited rebound within a 'gradual bearish phase.' In particular, selling pressure eases near $100,000, but a concentrated supply resistance zone in the $106,000–$110,000 area is forming, limiting upward momentum.