Whales Show Reluctance to Sell Bitcoin, Analyst Observes

Large holders of the leading cryptocurrency have yet to commence active selling, asserts CryptoQuant contributor known as CryptoOnchain.

This is indicated by the low realized profit ratio, especially when compared to figures observed during the setting of historical highs in previous cycles.

“This may suggest that, in the view of whales, we are still not within the ATH range for this cycle,” noted CryptoOnchain.

Supporting this thesis are the current values of the on-chain metric MVRV Z-score, slightly above level 3. They remain quite distant from the “red zone” of strong overbought conditions, which would indicate an imminent market reversal and phase change.

Another analyst, Avocado_onchain, noted the dominance of demand from spot market participants:

“Amid declining futures activity, demand on the spot market continues to grow. This indicates a reduction in speculative overheating in futures and increased buying pressure on spot platforms.”

In his view, the derivatives segment is approaching “cycles of overheating and liquidations.” Avocado_onchain is confident this will contribute to the continued rise of Bitcoin and the influx of capital into the spot market. 

Earlier, Bitfinex analysts predicted a peak in the price of digital gold in the second half of 2025, reaching $200,000.