Investors still believe in the upward momentum of Bitcoin
Although Bitcoin has surpassed the 100,000 USD mark, public excitement remains quite low, as reflected in the decreased interest on Google Trends.
However, on-chain behavior reflects a different picture: net outflows from exchanges have been continuously negative since March, with an average of more than 3,600 BTC withdrawn each day.
This is a clear signal indicating investors' strong confidence.
Short-term investors stop taking profits
Another indicator supporting the positive outlook is the sharp reduction in profit-taking Bitcoin from short-term investors.
As the BTC price approaches 110,000 USD, the amount of BTC transferred to exchanges for profit-taking has decreased from 32,000 BTC to only 3,400 BTC at the beginning of June.
This shows that selling pressure is weakening, even though the price remains around 105,000 USD. Short-term investors seem to be waiting for a higher price rather than taking profits early.
Whales are starting to accumulate again
While short-term investors are reducing their sales, long-term investors – typically whales and large funds – are increasing their accumulation.
Since April, the Net Position Change index has turned positive, with over 535,000 BTC being purchased in 30 days.
This trend is similar to previous accumulation phases in October 2023 and late 2024, which led to strong price increases. This indicates that the 'big players' are betting on a new price surge coming soon.
