Bitcoin’s long-term market structure continues to signal strength, with the Realized Cap Impulse a key on-chain indicator now trending upward again. This metric, which captures sustained capital inflows relative to price movements, has remained above a pivotal support zone, reflecting steady on-chain demand.
Shared by on-chain analyst Alphractal, the current upward slope suggests the market may be entering the final stretch of bullish activity before a potential macro cooldown through 2026. #ETFs
Historically, similar impulse climbs preceded major breakouts in 2013, 2017, and 2021. While the current rise remains moderate compared to past peaks, its trajectory stands in stark contrast to the declining impulses that typically signal bear markets.
Whales Double Down: Confidence Behind the Scenes
Large Bitcoin holders commonly referred to as whales are making their presence felt. Over the last 12 months, wallets holding over 1,000 BTC have accumulated aggressively, pushing total whale holdings from 3.2 million BTC in mid-2024 to nearly 3.55 million by May 2025.
Accumulation surged notably in Q4 2024 and again in April this year, closely tracking Bitcoin’s advance past the $100K threshold. As of early June, price action remains strong, closing May near $110K. These movements suggest strategic long-term conviction, especially among high-cap players.
ETF Outflows Paint a Cautious Institutional Picture
However, there’s a growing divergence beneath the surface. While whales are buying, institutions appear to be pulling back. In just three days, Bitcoin ETFs saw $1.21 billion in net outflows marking the largest wave of redemptions since March. After fueling the early-year rally, institutional flows have turned defensive, signaling a more cautious stance amid rising volatility.
This disconnect between institutional sentiment and on-chain behavior is noteworthy. It reflects a tightening market structure, where capital rotation is increasingly dominated by long-term holders rather than speculative flows.
Amid this backdrop of market recalibration, new innovations continue to gain ground. Lagrange Token (LA), which quietly made its debut in the space, enters at a time when decentralized infrastructure and modular protocols are seeing renewed attention. (BingX X official) While still early in its lifecycle, LA’s introduction to a broader trading audience coincides with a period of structural shifts across both Bitcoin and the broader crypto market.
