Bitcoin Whales Gobble Up Supply as Price Holds Strong Above $114K

Bitcoin's Calm Recovery Above $114K

Bitcoin's recent rise to $114,000 reflects a measured reset rather than a breakout. On-chain data from Glassnode reveals that since mid-October, approximately 62,000 BTC have moved out of long-term inactive wallets, marking the first notable decline in illiquid supply this cycle.

This shift signals that some long-held coins are returning to more liquid hands, softening one of this cycle's strongest tailwinds.

Whale Accumulation and Market Dynamics

Whales have been quietly absorbing this flow. Wallets holding large balances have added to their positions over the past 30 days and haven't meaningfully sold since October 15. In contrast, smaller holders (0.1 to 10 BTC) have been steady sellers since late 2024, resulting in a redistribution phase where weaker hands trim risk and larger holders accumulate.

In derivatives, leverage has stayed balanced. Hyperliquid leaderboard data show about $4.1 billion in open interest split almost evenly between longs and shorts, with a slight tilt toward the latter. Coinglass tracked around $413 million in liquidations over the past 24 hours, with $337 million being shorts—a moderate flush, not a full short squeeze.

Together, these dynamics explain the calm recovery in Bitcoin's price. The move from $110K to $114.9K was driven by a mix of mild short covering and steady spot absorption rather than momentum chasing. The market now sits in a neutral zone: illiquid supply is easing, whales are holding, and leverage is balanced.

For now, Bitcoin is likely to oscillate between $113K and $116K until the next catalyst emerges.

Market Movement

• BTC: Bitcoin's rise reflects a modest recovery powered by whale accumulation and mild short covering, not broad-based demand signaling a new uptrend.
• ETH: Ether climbed to $4,186, up about 6% over 24 hours, outperforming Bitcoin as traders rotated into higher-beta assets. However, on-chain and derivatives data suggest the move remains largely momentum-driven rather than backed by strong new inflows.
• Gold: JPMorgan expects gold to climb to $5,055 an ounce by late 2026 and $6,000 by 2028, driven by Fed rate cuts, stagflation fears, and rising demand from central banks and investors diversifying away from the dollar.
• Nikkei 225: Japan's Nikkei 225 surged past 50,000 for the first time amid optimism over U.S.-China trade talks and hopes for domestic demand expansion.

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