The market is buzzing again and there is debate about whether crypto has really bottomed out.
Technically since Bitcoin [BTC] The early February low at $60,000 has set three higher lows and three lower highs. The last higher low landed around $75,000 on March 16, showing that bulls are still defending key levels and trying to keep the market stable.
That said, the signals in the chain are blinking gently. The latest Glassnode report shows Bitcoin’s 24-hour SMA of net realized gains rising to $17 million/hour before the price lost momentum and fell back below $70,000. Simply put, taking profits creates upward momentum.
Furthermore, the report points to shrinking demand, meaning the market can’t really sustain even moderate profit-taking without feeling the pressure. A clear example? Bitcoin ETFs are over $300 million in outflows during the past three days.
When you add it all up, BTC’s $70k level is behaving more like a supply zone. Investors are taking profits, treating the country as a local top and squeezing profits before momentum returns to risk-off. With demand tight, bulls are under pressure and upside potential is limited until buyers step in again.
The bigger picture? Very few investors see this as setting the stage for a smooth run higher. Instead, a potential A return to $50,000 is on the tableespecially since most of the liquidity on the long side is clustered at risk levels. This means that if sales pick up, there could be back-to-back liquidations, increasing downward pressure.
And here’s the wildcard: What happens when a 13-year-old sleeping Bitcoin whale suddenly wakes up in the middle of all this volatility?
Can $148 Million in Profit Change the Bitcoin Market?
A sleeping whale waking up in an already volatile market is enough to cause a frenzy.
Remarkably, that’s exactly what happened with a wallet that woke up after 13 years of dormancy and moved 0.00079 BTC. To put it into perspective, this whale originally received 2,100 BTC, while Bitcoin was only $6.59. Fast forward to today, and that stock is sitting on a profit of $148 million, a stunning 10,710x return.
Interestingly, the frenzy did not lead to panic. Instead of, analysts seemed to respect the whale’s belief, a reminder that long-term patience in Bitcoin can pay off handsomely. Against this background, the ‘timing’ of the step seems strategic, a conscious statement rather than a knee-jerk reaction.
Looking at the charts, Bitcoin’s supply at a loss is around 41%, meaning around 8.3 million BTC is underwater. Combine that with the bearish setup around BTC’s $70k level, and a breakout of this key zone could easily trigger capitulation risks. In short, with the bottom still uncertain, conviction could quickly fade.
In this context, the market’s reaction to the sleeping Bitcoin whale is starting to matter.
From a HODLing perspective, the Whale’s ROI of over 10,000%, now showing approximately $148 million in profits, goes far beyond what gold would have yielded. The same position in gold would have yielded a return of just under 3x, or about $6.2 million.
Against this backdrop, BTC’s whale move feels more like a reminder of why HODLing Bitcoin pays off. With the market still in a bearish situation, it appears that patience can be greater than panic. perfectly in line with the timing of the market.
Final summary
- With 41% of BTC supply underwater and large outflows from ETFs, the $70k level is acting like a supply zone, leaving the market vulnerable to potential liquidation risks.
- A 13-year dormant Bitcoin whale woke up and moved a small amount of BTC, but the ROI of over 10,000% reminds investors why patience in Bitcoin can pay off.