$BTC According to Coinmarketcap data, at 7:50 a.m. on May 14, 2025 (Laos time), Bitcoin was trading at $103,828, up 1.35% in the past 24 hours. The trading volume of the cryptocurrency with the largest market capitalization was $52.8 billion. Bitcoin is showing signs of meeting the conditions necessary for a market top. Currently, more than 98% of the total Bitcoin supply is in profit, surpassing the 95% threshold typically associated with market tops. Historically, Bitcoin has often seen price reversals and declines after such conditions, but this time around, things may be different. A high supply-to-interest ratio indicates that many investors are taking profits. While this typically indicates a market top and a potential correction, it can also indicate staying power, especially when the behavior of “whales” plays a key role. Historically, large Bitcoin holders (whales) have been able to move the market, potentially preventing a sharp reversal. A closer look at whale holdings shows that large investors, specifically those with holdings of 10 to 10,000 BTC, have been accumulating heavily. In the past month alone, these whales have purchased over 83,100 BTC, worth approximately $8.5 billion. This large inflow counterbalances the selling activity from retail investors.