Whales Are Quietly Repositioning, Here’s What Bitcoin’s $107K Price Isn’t Telling You

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin continues to show little upward momentum as it trades below the $110,000 mark. As of the time of writing, the asset is priced at $108,071 after recording a modest 2% gain in the past 24 hours. Despite nearing its all-time high in recent weeks, Bitcoin appears to be caught in a holding pattern as institutional rebalancing and on-chain dynamics take center stage. Recent analysis by CryptoQuant contributor Kripto Mevsimi has drawn attention to unusual on-chain activity during the final days of June. Related Reading Bitcoin Seasonality: Why Summer 2025 Will Catch Everyone Off Guard 19 hours ago Institutional Rebalancing and Local Exhaustion Signals In a post titled “Whale Profit-Taking and Loss Realizations: Was Late June a Local Pivot Point?” the analyst noted conflicting behaviors among Bitcoin whales. A notable $641 million in realized profits was recorded alongside more than $1.24 billion in realized losses, a combination that suggests a potential inflection point in market sentiment. Bitcoin realized profit whale. | Source: CryptoQuant Mevsimi emphasized that this mixed realization trend came at the close of the second quarter, a period often associated with institutional portfolio adjustments . “Structurally, late June is also the end of H1, when ETFs and institutional funds often rebalance portfolios,” he wrote. Mevsimi added: “That timing adds weight: this wasn’t just noise — it may have been a deliberate repositioning.” Notably, these large movements in realized profit and loss did not extend into early July, which may imply either a temporary stabilization or the beginning of a new market phase. The report also detailed divergent whale behavior. Newer whales, likely short-term participants entering in Q2, showed signs of capitulation, realizing both profits and significant losses. In contrast, older whales locked in $91 million in profits with negligible losses. This division may indicate a shift in control, with experienced holders offloading risk while short-term players exited amid market uncertainty. According to Mevsimi, the convergence of these trends hints at a local exhaustion phase rather than a continued rally. Bitcoin LTH Unrealized Profits and Historical Context In a separate analysis , CryptoQuant’s Darkfost explored the unrealized profit profile of Bitcoin long-term holders (LTHs), revealing a downward trend despite BTC’s proximity to record highs. Citing the Market Value to Realized Value (MVRV) ratio, Darkfost noted that average unrealized profits have fallen to around 220%. This is well below the peaks recorded during market tops in March and December 2024, which reached 300% and 350%, respectively. Bitcoin long-term holders realized profit and loss. | Source: CryptoQuant “Although these profits may seem substantial, we’re still far from the levels observed during the tops of this cycle,” Darkfost stated. The realized price for LTHs now stands at approximately $39,000, suggesting a strong cushion but also reinforcing that speculative excess has yet to return in full force . Related Reading Bitwise Just Sounded The Alarm—Bitcoin Could Explode Soon 1 day ago The analyst added that a return to top-cycle unrealized profit levels would require BTC to rise to around $140,000, a target echoed by several bullish forecasts. BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com Featured image created with DALL-E, Chart from Tradingview