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NewsBTC 2025-07-03 06:00:52

Whales Are Quietly Repositioning, Here’s What Bitcoin’s $107K Price Isn’t Telling You

Bitcoin continues to show little upward momentum as it trades below the $110,000 mark. As of the time of writing, the asset is priced at $108,071 after recording a modest 2% gain in the past 24 hours. Despite nearing its all-time high in recent weeks, Bitcoin appears to be caught in a holding pattern as institutional rebalancing and on-chain dynamics take center stage. Recent analysis by CryptoQuant contributor Kripto Mevsimi has drawn attention to unusual on-chain activity during the final days of June. Related Reading: Bitcoin Seasonality: Why Summer 2025 Will Catch Everyone Off Guard Institutional Rebalancing and Local Exhaustion Signals In a post titled “Whale Profit-Taking and Loss Realizations: Was Late June a Local Pivot Point?” the analyst noted conflicting behaviors among Bitcoin whales. A notable $641 million in realized profits was recorded alongside more than $1.24 billion in realized losses, a combination that suggests a potential inflection point in market sentiment. Mevsimi emphasized that this mixed realization trend came at the close of the second quarter, a period often associated with institutional portfolio adjustments. “Structurally, late June is also the end of H1, when ETFs and institutional funds often rebalance portfolios,” he wrote. Mevsimi added: “That timing adds weight: this wasn’t just noise — it may have been a deliberate repositioning.” Notably, these large movements in realized profit and loss did not extend into early July, which may imply either a temporary stabilization or the beginning of a new market phase. The report also detailed divergent whale behavior. Newer whales, likely short-term participants entering in Q2, showed signs of capitulation, realizing both profits and significant losses. In contrast, older whales locked in $91 million in profits with negligible losses. This division may indicate a shift in control, with experienced holders offloading risk while short-term players exited amid market uncertainty. According to Mevsimi, the convergence of these trends hints at a local exhaustion phase rather than a continued rally. Bitcoin LTH Unrealized Profits and Historical Context In a separate analysis, CryptoQuant’s Darkfost explored the unrealized profit profile of Bitcoin long-term holders (LTHs), revealing a downward trend despite BTC’s proximity to record highs. Citing the Market Value to Realized Value (MVRV) ratio, Darkfost noted that average unrealized profits have fallen to around 220%. This is well below the peaks recorded during market tops in March and December 2024, which reached 300% and 350%, respectively. “Although these profits may seem substantial, we’re still far from the levels observed during the tops of this cycle,” Darkfost stated. The realized price for LTHs now stands at approximately $39,000, suggesting a strong cushion but also reinforcing that speculative excess has yet to return in full force. Related Reading: Bitwise Just Sounded The Alarm—Bitcoin Could Explode Soon The analyst added that a return to top-cycle unrealized profit levels would require BTC to rise to around $140,000, a target echoed by several bullish forecasts. Featured image created with DALL-E, Chart from Tradingview

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