On-Chain Supply Squeeze Intensifies: Whale Holdings at 7.17M BTC, Exchange Supplies at Historic Lows, NUPL Signals Bottoming
Key Questions
What is the current level of whale holdings in Bitcoin?
Whale holdings have reached 7.17M BTC, marking a 3-month high, with accumulator wallets absorbing 270k BTC worth $16.7B in two weeks.
How low are Bitcoin exchange supplies compared to historical levels?
Exchange supplies have hit multi-year lows matching 2017 and 2015 levels, reducing sell-side liquidity in the market.
What does the NUPL 100-day EMA signal about Bitcoin's price bottom?
The NUPL 100-day EMA at 0.215 versus historical bottoms below zero serves as a key bottoming signal for Bitcoin.
What is the significance of the Realized P/L Ratio at -0.35?
The Realized P/L Ratio hitting -0.35 represents a 43-month low, indicating capitulation among holders.
How much of Bitcoin's supply is currently underwater or locked?
54% of Bitcoin's supply is underwater, while 78% remains locked by long-term holders.
What recent selling pressure has affected Bitcoin from notable entities?
New selling pressure has come from Tim Draper and Riot Platforms, though whale inflows to Binance have dropped 34% in three weeks.
How has BlackRock responded to recent Bitcoin price dips?
BlackRock dip-bought $81M worth of BTC during the recent market weakness.
What divergence exists between on-chain metrics and ETF flows?
A notable divergence persists between strong on-chain accumulation by whales and ongoing ETF outflows.
Whale holdings at 7.17M BTC (3-month high), accumulator wallets absorbed 270k BTC in two weeks ($16.7B). Exchange supplies hit multi-year lows (2017/2015 levels), reducing sell-side liquidity. NUPL 100-day EMA at 0.215 vs historical bottoms below zero — a key bottoming signal. Realized P/L Ratio hit -0.35 (43-month low) — capitulation. 54% of supply underwater, 78% locked by LTHs. New selling pressure from Tim Draper and Riot Platforms, but whale inflows to Binance dropped 34% in three weeks. BlackRock dip-bought $81M BTC. The divergence between on-chain accumulation and ETF outflows persists.