Bitcoin’s Wild Ride: Soars to $111K Before Pullback—But Whales Are Loading Up

Bitcoin just gave traders whiplash—peaking at $111,000 before retreating. Yet the real story isn’t the price drop—it’s the silent accumulation happening under the radar.

The Dip That Fooled Nobody

While retail panics, institutional wallets keep stacking sats. Guess Wall Street’s ‘bearish’ analysts forgot to check the on-chain receipts.

A Classic Pump Before the Dump?

Sure, the pullback stings for leverage junkies. But long-term holders? They’ve seen this script before—buy the rumor, sell the news… then buy the fire sale.

As always, the ‘smart money’ plays chess while day traders fight over checkers. And somewhere in Manhattan, a hedge fund manager just billed clients for ‘market analysis’ while copy-pasting Glassnode charts.

TLDR

• Before facing market pressure, Bitcoin reached a new all-time high of $111,970 on May 22.
• The US government’s new tariff threat on the European Union triggered a wave of crypto selloffs.
• BTC dropped below $107,000 following the tariff announcement, but quickly stabilized near $107,700.
• Exchange data showed that small and large buyers continued accumulating Bitcoin during the market drop.
• BTC balances on centralized exchanges declined from 2.26 million BTC to 2.15 million BTC over the past month.

Bitcoin (BTC) surged to a fresh all-time high of $111,970 on May 22, crossing its previous record of $109,000. Soon after the peak, Bitcoin faced strong selling pressure triggered by a new US tariff threat. Despite the sharp drop to below $107,000, Bitcoin accumulation activity continued without interruption across the market.

Bitcoin Breaks $111K Before US Tariff Shock Pullback

Bitcoin saw rapid price movement this week, climbing to $111,970 before facing resistance from geopolitical tensions. On May 23, US President Donald Trump threatened the European Union with 50% tariffs on all imports. This warning led to a sharp reaction in the crypto market, pushing Bitcoin’s price to $107,000.

Still, BTC remained above critical support levels, showing strong demand during the pullback. Small and large buyers alike added Bitcoin to their holdings despite the macroeconomic pressure. The current Bitcoin price is around $107,700, only 4% away from its weekly high.

The dip did not reverse the broader trend of bitcoin accumulation, as activity on major exchanges showed clear signs. Price volatility remained controlled, while on-chain data confirmed steady buying. The consistent outflows from exchanges reflect a solid trend toward long-term BTC holding strategies.

Centralized Exchange BTC Balances Continue to Drop

Bitcoin balances on centralized exchanges fell sharply over the past month, signaling long-term holding behavior. Data from Coinglass showed balances dropped from 2.26 million BTC on April 23 to 2.15 million BTC on May 24. Coinbase and Binance recorded 40,772 BTC and 39,713 BTC in net outflows over the past week.

These movements signal reduced short-term selling pressure and increased Bitcoin cold storage activity. The trend points to growing confidence in Bitcoin as a store of value. Lower exchange balances also suggest fewer Bitcoins are available for immediate sale.

This decline in available BTC may contribute to more stable pricing and upward momentum over time. The low volatility environment supports stronger confidence in accumulation strategies. Overall, the data reflects sustained buying activity despite short-term price drops.

BTC ETFs Record Strong Inflows Amid Market Volatility

Bitcoin ETFs based in the United States continued attracting capital during the week of volatility and political pressure. According to SoSoValue, BTC spot ETFs recorded $2.75 billion in net inflows last week, the third-largest weekly inflow since the ETFs’ launch.

The largest single-day inflow of $934.7 million came on May 22, coinciding with Bitcoin’s record high. Even on May 23, when tariff threats intensified, spot ETFs saw $211.7 million in new capital.