Whale and Miner Data Reveal Bitcoin’s Next Move | Weekly Whale Watch

Signals from Bitcoin whales and miners hint at a potential rally on the horizon. New data from CryptoQuant reveals that large Bitcoin holders now hold a balance of 3.57 million BTC. 

This approaches the previous high of 3.74 million BTC set in early 2021.

Bitcoin Whales are Increasing their Holdings

When whales steadily add to their reserves, they act as powerful demand sinks. Their increasing accumulation reduces the available supply and provides price support. 

The current uptrend in whale holdings suggests that institutions and high-net-worth investors view dips as buying opportunities and anticipate higher prices ahead.

Total Bitcoin Whale Holdings. Source: CryptoQuant

“This metric reflects the true balances of large holders by excluding exchange and mining pool addresses. This offers a clearer view of strategic accumulation by large investors. Remained growth in whale holdings often signals institutional confidence and strong underlying demand, which are key drivers of longer-term bull cycles,” CryptoQuant analyst JA Maartunn told BeInCyprto.

But not all indicators point upward. According to CryptoQuant, the Hash Ribbons metric—tracking miner stress—recently flashed a buy signal. 

This typically reflects short-term turbulence as miners face profitability issues, forcing some to sell Bitcoin to stay operational.

Historically, these short-term stresses often set the stage for sustained rallies. Miner capitulation can trigger initial price drops. 

But ultimately, it clears weaker players from the market and tightens supply.

Last week, the Bitcoin price demonstrated notable volatility. Influenced by a heated public dispute between Elon Musk and Donald Trump, Bitcoin briefly dipped below $101,000. This prompted nearly $1 billion in liquidations.

Yet, Bitcoin quickly recovered to above $105,000, indicating resilient buying pressure.

Technical analysts are also optimistic. They highlight a “cup-and-handle” formation on Bitcoin’s daily chart, suggesting a bullish breakout if prices surpass $108,000.

A Buy Signal From the Hash Ribbons!“We recently got a new buy signal from the Hash Ribbons indicator. This metric helps us assess the level of stress in the Bitcoin mining ecosystem.” – By @Darkfost_Coc pic.twitter.com/O6jrwfXfHq

— CryptoQuant.com (@cryptoquant_com) June 5, 2025

Moreover, institutional activity supports this bullish outlook. Bitcoin futures open interest rose by more than $2 billion in recent days, while funding rates stayed low. 

This scenario creates fertile ground for a potential short squeeze.

Will BTC Hold the $100,000 Psychological Support?

For now, the whale accumulation and miner stress data identify a clear trading range. Strong support sits between $100,000 and $102,000. 

This means BTC will likely maintain its $100,000 psychological level even during short-term corrections. 

Meanwhile, resistance awaits at the $108,000–$110,000 zone, where a breakout could accelerate prices toward $120,000. 

Traders should watch closely for catalysts, such as further miner selling, as these could swiftly influence price action. 

Additionally, macroeconomic headlines involving the Fed and global trade dynamics will likely keep volatility elevated.