Bitcoin Whale’s $226M Withdrawal Signals Bullish Momentum Amid $105K Resistance
A major Bitcoin whale has withdrawn 2,218 BTC (worth ~$226.75M) from Binance and Kraken within a 3-hour window, consolidating the funds into a single wallet now holding $1.88B in BTC. On-chain data suggests institutional accumulation, as the address continues receiving inflows from exchanges—a pattern often preceding price rallies. This move underscores strong bullish sentiment despite resistance at the $105K level, potentially signaling a breakout ahead.
Bitcoin Whale Withdraws $226M Amid Resistance at $105K
A significant bitcoin holder has withdrawn 2,218 BTC worth approximately $226.75 million from Binance and Kraken, signaling potential bullish sentiment. The transfers, executed within a three-hour window, were consolidated into a single wallet now holding $1.88 billion in BTC.
On-chain patterns suggest institutional accumulation as the address continues receiving inflows from multiple exchanges. Large withdrawals often precede price rallies, contrasting with current market concerns over Bitcoin's inability to breach the $105,000 resistance level.
Bitcoin Price Eyes Further Gains After Clearing Key Resistance
Bitcoin has initiated a fresh upward trajectory, decisively breaking through the $103,500 resistance level. The cryptocurrency now consolidates above $103,000, with market participants eyeing a potential push toward $105,000.
The recovery from $101,500 gained momentum after BTC breached a critical bearish trendline at $103,950 on hourly charts. This technical breakout, coupled with trading volume exceeding the 50% Fibonacci retracement of the recent pullback, suggests building bullish momentum.
Market structure appears favorable for continuation, with price action holding comfortably above the 100-hour moving average. A successful conquest of the $105,000 level could open the path toward year-to-date highs.
Major Asset Managers Slash Bitcoin ETF Holdings Amid Market Downturn
Leading asset managers have reduced their exposure to spot Bitcoin ETFs by 40% following a 12% price decline in Q1 2024. Regulatory filings reveal this strategic retreat comes as profitability wanes in Bitcoin-linked trading strategies, marking a significant shift from the euphoria surrounding January's ETF launches.
Millennium Management, the nation's largest hedge fund, spearheaded the pullback with a 41% reduction in its IBIT position. The firm simultaneously exited its Invesco Galaxy Bitcoin ETF stake entirely while accumulating shares in smaller funds like ARK 21Shares and Grayscale Bitcoin Mini Trust—a potential pivot toward niche products.
Al Abraaj Restaurants Group Becomes First Middle Eastern Public Company to Allocate Treasury to Bitcoin
Al Abraaj Restaurants Group, traded on the Bahrain Bourse as ABRAAJ, has made history as the first publicly listed company in the Middle East to allocate part of its corporate treasury to Bitcoin. The food-services operator announced the MOVE in a statement, framing it as a strategic step toward building a Sharia-compliant pathway to cryptocurrency for the Islamic world.
The company emphasized the significance of this decision, suggesting it could catalyze broader institutional adoption in the region. "This gives bulls the clear zone they need to fully regain for the next impulse higher," the statement noted, signaling Optimism about Bitcoin's price trajectory.
Bitcoin Bull Run Lacks Key On-Chain Signal Seen in Previous Market Tops
Bitcoin's current rally remains conspicuously absent of a critical on-chain pattern that historically preceded major price peaks. The 30-day moving average of Bitcoin's Binary Coin Days Destroyed (CDD) indicator lingers NEAR 0.6, failing to match the elevated levels observed during prior cycle tops.
Coin Days Destroyed measures market participation by tracking dormant coins returning to circulation. When long-held Bitcoin moves, it resets accumulated 'coin days' - creating a metric that analysts use to gauge veteran investor behavior. The absence of significant CDD spikes suggests old hands aren't yet distributing en masse.
This divergence hints at potential runway remaining in the current cycle. 'The smart money hasn't started ringing the register,' noted one trader watching the metric. While price action shows enthusiasm, the underlying blockchain narrative tells a more measured story.
Will Markets Continue to Fall When $3B Crypto Options Expire Today?
Approximately 26,500 Bitcoin options contracts, with a notional value of $2.7 billion, are set to expire today. The put/call ratio stands at 0.99, indicating a balance between short and long contract sellers. The max pain point is $100,000—$4,000 below current spot prices—where the majority of losses will crystallize.
Spot markets showed resilience earlier this week, with Bitcoin briefly reclaiming six-figure valuations. However, momentum has waned as prices begin to correct. Derivatives trading remains subdued, mirroring last week's tepid activity.
Open interest for these contracts totals $1.5 billion, concentrated near the max pain threshold. Market participants are watching for potential volatility as positions unwind.
