Bitcoin Stagnates, But as Some Whales Sell, Fresh Capital Enters: Up Next, $120,000?

Bitcoin prices are stable, recovering after the dip last week. Although whales are selling, there is strong demand from institutions and Strategy who are accumulating. Will BTCUSDT rise to $120,000?

Bitcoin bulls took a hit on Friday, selling off sharply. However, buyers quickly stepped in over the weekend, stabilizing prices before a recovery earlier today.

Despite this refreshing bounce, traders await more confirmation before doubling down, expecting another wave of higher highs above $112,200 to $120,000. If bulls take off, some of the best Solana meme coins could rip to fresh all-time highs.

(BTCUSDT)

Why Are Bitcoin Whales Selling?

Though bullish, Glassnode analysts suggest bulls might wait longer if the current price action persists.

Their analysis notes powerful market shifts as whales, key price drivers after the approval of spot Bitcoin ETFs in early 2024, appear to be cashing out.

On X, Glassnode reveals that Bitcoin whales holding at least 10,000 BTC have shifted to net selling, with a wallet flow metric of around 0.3.

As of May 26, the >10K $BTC cohort has pivoted to net distribution (~0.3), signaling a notable shift in positioning among the largest holders. Apart from that, accumulation remains broad, but leadership is shifting down the wallet size curve:

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