Bitcoin’s Realized Cap Impulse climbs steadily, signaling strong on-chain demand amid a tightening market structure.
Whale wallets surged to a 2025 cycle high, showing large holders are accumulating despite recent price volatility.
$1.21B Bitcoin ETF outflows in days highlight growing institutional caution even as price briefly exceeded $ 100 K.
Bitcoin’s long-term on-chain metric, the Realized Cap Impulse, is rising again, signaling strong demand amid a tightening market structure. At the same time, whale wallets are aggressively accumulating, while ETF outflows suggest a growing divergence between retail optimism and institutional caution.
Key On-Chain Indicator Points to Sustained Capital Flow
According to a post by Alphractal, the Realized Cap Impulse has held above a crucial long-term support level, confirming consistent demand on-chain. The metric, which tracks macro capital inflows relative to price, has begun climbing again after bouncing off the mid-baseline near zero. Historically, these impulse upticks have aligned with bull cycle expansions, typically preceding major price advances.
https://twitter.com/Alphractal/status/1929890648544461123
Alphractal expects this latest impulse to continue rising until October, possibly marking the final wave before a drawn-out bearish period through 2026. As of June 3, 2025, the impulse remains well below previous cycle tops, but its upward slope reflects steady capital rotation into Bitcoin. “So long as the impulse holds above this zone, it signals clear demand,” stated the update.
On the Realized Cap chart, impulse peaks historically aligned with Bitcoin tops in 2013, 2017, and 2021. The current impulse recovery remains moderate, yet distinct, breaking from past downtrends that preceded bearish phases. Support zones below -10 previously marked bear bottoms in 2015 and 2019, suggesting that current positioning may be a foundation, not a ceiling.
Whale Accumulation Suggests Underlying Confidence
Simultaneously, other market indicators suggest a different trend. Whale wallets, defined as those holding 1,000 BTC or more, have expanded significantly over the past 12 months. Total whale holdings rose from 3.2 million BTC in June 2024 to nearly 3.55 million BTC by May 2025, the highest level recorded this cycle.
Accumulation intensified in Q4 2024 and again in April 2025, where holdings surpassed 3.5 million BTC. Bitcoin’s price trajectory followed closely, breaking past $100,000 and closing May near $110,000. This coordinated climb underscores strategic positioning among large holders, reinforcing the Realized Cap Impulse’s upward path.
Community chatter reinforces this trend, as price strength and accumulation by deep-pocketed investors fuel expectations of another leg upward. Ongoing inflows and strong wallet activity continue to reflect long-term conviction, suggesting that larger players are staying in position despite growing volatility.
ETF Outflows Complicate the Bullish Outlook
That said, broader capital flows reveal stress elsewhere in the system. Santiment reported $1.21 billion in net Bitcoin ETF outflows over just three days, marking the steepest redemptions since March. ETF inflows had driven early 2025’s rally but have reversed sharply since April.
This divergence, rising price alongside falling ETF interest, raises concerns over near-term sustainability. Bitcoin now trades around $67,000–$68,000, down from its May peak, while institutional sentiment appears increasingly defensive.
The post Bitcoin Realized Cap Surges as Whales Accumulate, but ETF Outflows Raise Risk appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
