Where Are the Whales? Bitcoin Demand Weakens as High-Value Players Take the Lead

Despite a modest price rebound to $106K, Bitcoin appears to be treading water as retail interest wanes and institutional investors quietly shift strategies. The price action, flat for much of June, has raised a critical question: is Bitcoin consolidating strength — or losing steam?

Whales Are Accumulating, Retail Is Retreating

On-chain data from Santiment reveals a divergence between small and large holders. Over the past 10 days:

📉 37,465 wallets holding 0.001–10 BTC exited the market
📈 231 new wallets holding over 10 BTC were added

This shift typically signals a changing market dynamic. Historically, when retail investors capitulate and whales accumulate, bullish reversals often follow.

New Demand Slows to a Crawl

According to CryptoQuant:

Short-term holders now control 4.5M BTC, down 800,000 since May 27
Demand momentum dropped by 2M BTC, marking the lowest level on record

While U.S. spot Bitcoin ETFs are still seeing inflows, the pace has slowed significantly. Inflows have dropped nearly 60% since April, suggesting that institutional appetite may be cooling or taking a breather.

High-Value Transfers Dominate a Quiet Network

Glassnode’s data paints an interesting contrast:

Daily BTC transactions have declined from a 2023 peak of 734,000 to a range of 320K–500K in 2025
Inscriptions and ordinal activity, which drove 2023 transaction spikes, have vanished
Despite this, the average transaction size is now $36,200, and high-value transfers over $100K make up 89% of network volume

Bitcoin is settling roughly $7.5B per day — not far from November’s all-time high of $16B. So while fewer transactions are happening, more value is moving.

What Comes Next?

Bitcoin’s 24-hour trading volume has dropped 18% to $37.4 billion, and the crypto fear and greed index sits at neutral. With BTC dominance at 64.2%, the market may be nearing a tipping point — but direction is unclear.

The $104K–$106K zone has become a compression range. If retail continues to exit and whales continue absorbing supply quietly, the breakout — when it comes — could be sharp.

Takeaway: Watch the whales. Their steady hand might signal smart money preparing for the next leg up. But with demand fading and retail exiting, caution remains vital.

📌 This article is not financial advice. Always do your own research before making investment decisions.