Bitcoin whales have started accumulating again after nearly a year, with increased profits but without excessive euphoria.
On-chain data shows that Bitcoin is in a temporary accumulation state, opening opportunities for a breakout price increase. Profits through the SOPR ratio are steadily increasing without causing euphoria in the investor community.
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Bitcoin whales holding between 10,000 to 100,000 BTC have returned to the accumulation phase for the first time in nearly a year.
The Spent Output Profit Ratio (SOPR) continues to increase, signaling sustainable profits in the current price rally.
Bitcoin is currently in an accumulation phase with neutral momentum, showing no signs of deep correction.
Why are Bitcoin whales returning to accumulation?
New data shows that wallets holding between 10,000 to 100,000 BTC have started buying back since March 2025, ending a nearly year-long streak of continuous selling. This is a positive sign indicating that market sentiment is shifting from distribution to accumulation.
Notably, the group of medium-sized whale wallets (dolphin whales) holding between 100 to 1,000 BTC has also maintained continuous buying status for several weeks, forming many green points on the heatmap indicating positive accumulation activity. Meanwhile, small wallets below 10 BTC and super whales above 100,000 BTC still tend to distribute.
Whale accumulation is often a clear directional signal for long-term trends, and this accumulation phase opens up expectations for a new price explosion in the bull cycle.
– João Wedson, Cryptocurrency Analyst, July 2025
What does the increasing SOPR ratio mean?
The Spent Output Profit Ratio (SOPR) is currently increasing for the third time in the same price rally cycle, a rare occurrence in Bitcoin's history. This is an indicator that the majority of long-term holders (LTH) are making profits and starting to take profits in a controlled manner, without showing signs of panic selling or excessive euphoria.
Data from Santiment confirms that despite increasing profits, 'Social Volume' – an indicator evaluating community and media activity – has sharply decreased. This proves that the market is still in a quietly accumulating phase, not influenced by crowd emotions.
A sustainably increasing SOPR without crowd euphoria often paves the way for more stable and sustainable price increases compared to normal bubble conditions.
– Alphractal, On-chain analysis report, July 2025
Has Bitcoin entered a resting phase to build momentum for a breakout?
The price of BTC is currently near $108,000 with low volatility, the RSI index holding at a neutral level of 54.9, and the MACD still maintaining a weak bullish crossover. The histogram chart shows that buying pressure is gradually decreasing, indicating a slight accumulation phase without strong corrections.
This is not a sign of distribution but could be a resting phase preparing for the next strong volatility. With SOPR maintaining an upward trend and crowd sentiment not yet exuberant, Bitcoin has many opportunities for a positive breakout.
Comparison table of accumulation positions by Bitcoin wallet group
Wallet Group Status Accumulation Meaning 10,000-100,000 BTC (Large whales) Returning to accumulation (since March 2025) Stopping sales, expecting long-term upward trend 100-1,000 BTC (Dolphins) Continuous accumulation for several weeks Increasing buying momentum, supporting price increase Below 10 BTC (Retail investors) Continuing distribution Reflecting caution as prices are high Above 100,000 BTC (Super whales) Light distribution May take profits cautiously, not causing pressure
Frequently Asked Questions
What is a Bitcoin Whale and their role in the market? Bitcoin whales are large holders of BTC, significantly influencing supply and demand and price trends in the cryptocurrency market. How can the SOPR ratio help investors forecast? SOPR measures the realized profit ratio when selling, helping to determine whether the market is in an accumulation or distribution phase. What are the advantages of the accumulation phase before a breakout? A stable accumulation phase helps reduce market volatility and lays the groundwork for a more sustainable price increase. Why is market silence (reduced Social Volume) positive? When the community is not overly exuberant, the market is less likely to face panic selling or price bubbles, creating conditions for a real price explosion. What technical indicators confirm Bitcoin's accumulation phase? A neutral RSI, MACD maintaining a bullish crossover, and steadily increasing SOPR are positive signs of accumulation.
Source: https://tintucbitcoin.com/bitcoin-but-pha-breakout-yen-ang-nhat/
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