Bitcoin surges to $103,000, but long-term holders are collectively losing confidence? A wave of whale sell-offs has arrived!

Bitcoin has skyrocketed from $85,000 to $103,000, but the confidence of long-term holders has not kept pace. The NUPL indicator is stuck at 0.69, and the price increase has not brought them joy. The maturation of buyers by the end of 2024 has diluted profit margins, indicating a lack of potential momentum.

Worse still, in the past 72 hours, whales have dumped 30,000 BTC, with net flow plummeting sharply, showing clear signals of capital withdrawal—short-term gains are unlikely to shake the caution of these big players. Over 94% of addresses are in profit, creating immense pressure to lock in profits, with the risk of adjustment ready to explode at any moment.

Although trading volume in the derivatives market has increased, deep leverage has instead declined, exposing a lack of speculative atmosphere. Stablecoin reserves continue to rise, yet they are still hesitant to enter, with capital merely on the sidelines.

The supply tightening caused by the halving is intensifying, holding great potential, but with a lack of funds to enter, everything remains at the 'potential' stage. Whether Bitcoin can hold up relies entirely on whether new buyers can absorb this wave of sell-offs.

Bitcoin right now has gained face value but lost its substance. To truly break through, it must first win over the long-term players; otherwise, this celebration could turn into a winter at any moment.