The 86.5K Trap: Big Money Just Went Silent on BTC
The silence in the market is often louder than the screams. $BTC has bled momentum, not because of mass panic, but because the whales and institutions that fueled this rally have simply stopped bidding aggressively.
The data confirms the pause. The crucial "Dolphin" cohort (wallets holding 100 to 1,000 $BTC, representing ETFs and corporate treasuries) has seen its accumulation growth severely curtailed, dropping sharply from nearly a million coins added year-over-year. When the strongest hands step back, the upward thrust dies instantly.
Corporate treasuries loaded with $BTC are underwater on paper, watching their combined market cap plummet. Crucially, they refuse to liquidate their stacks. At the same time, the OG sellers—the five-year-old coins that typically move to offload near major highs—have drastically reduced their spent volume, easing structural sell pressure.
This is the definition of a crossroads. The structural support beneath $BTC is firm, but the aggressive demand is gone. We lost the $89,800 level, and the next line in the sand is $86,500. A break there sends us toward $80,500. This is not a catastrophe; it is the market flushing out weak structure to prepare for a much cleaner long setup. Discipline wins here.
Disclaimer: This is not financial advice. Trade responsibly.
#BTC #CryptoAnalysis #OnChain #MarketStructure #WhaleWatch
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