Bitcoin’s price has been struggling a bit lately. After hitting a new all-time high above $124,000 earlier this month, it’s since pulled back. Right now, it’s sitting around $113,146. That’s down about 8.7% from the peak, though it did manage a small 1.8% gain over the last day.
It’s a reminder of how jumpy things can get. People are watching everything—on-chain numbers, general market mood—to see if this bull run still has legs. Or maybe it’s taking a breather.
Whales Might Be Cooling Things Off
Some analysts are pointing to what the big players are doing. You know, the whales. One contributor from CryptoQuant’s QuickTake, Arab Chain, has been looking closely at activity on Binance. His view is that these large traders have had a real hand in the recent dips.
Looking at August’s trading, he noticed momentum just isn’t what it was. There’s more selling pressure now, which might be why Bitcoin hasn’t held onto those highs.
Back in July, things were pretty flat. Bitcoin moved between $118,000 and $122,000 without much direction. Volatility was low. During that time, something called “inactive deltas”—which track older coins moving—actually went down. It seemed like the whales had stopped selling, or just stepped away.
But by mid-August, that changed. Inactive deltas shot up. Older coins started moving again, probably getting sold. And right around then, Bitcoin slid under $112,000.
Arab Chain pointed out that the Delta indicator has been near zero. Not much buying happening. When more coins enter the market and no one’s there to buy them, prices usually correct. “Large investors are selling again,” he said, “without a strong wave of new buyers emerging to balance the effect.” He doesn’t think the bull cycle is over, but he admits the momentum is fading. What happens next might depend on a new catalyst—something macro, or maybe fresh institutional money.
Not All Data Tells The Same Story
Another analyst, TraderOasis, looked at other metrics for more color. The Coinbase Premium Index, which compares trading on U.S. exchanges to others, actually showed some accumulation even as the price fell. That could mean some bigger players, maybe institutions, were buying the dip.
But he’s cautious. The funding rate is still positive, meaning traders are overall still bullish even with prices dropping. That can sometimes spell trouble—like the market might be too optimistic and due for a shakeout.
He’s also watching open interest. That’s the total number of outstanding derivative contracts. Sometimes it acts like a floor or a ceiling for the price. Right now, it’s above the market price, which could mean resistance. “If this level is broken,” he noted, “the price will continue to rise.”
So it’s a mixed bag. Long-term, things still look okay. Adoption is growing, institutions are in the game. But short-term? There’s caution. Whales are taking some profit, stablecoin inflows are up, and derivatives are active. Where Bitcoin goes from here probably depends on whether enough new demand shows up to absorb all that.
