Bitcoin whales step up accumulation amid renewed macro tailwinds: analysts

In a week that has seen the broader crypto market tread water, the largest cryptocurrency has found itself locked in a tight range. Still, analysts say a massive accumulation is taking place beneath the surface.

According to The Block’s price page, BTC opened Thursday near $101,900 — a level near the lower end of its enduring $100,000–$105,000 corridor.

Meanwhile, spot funds have recorded another round of redemptions following their biggest inflow day in a month. Bitcoin spot ETFs shed roughly $278 million on Wednesday, and Ethereum spot ETFs shed about $184 million. In contrast, Solana spot ETFs added +$18.06 million.

Across futures markets, open interest shrank by approximately 34% from its October peak of over $64 billion to under $42 billion as of Nov. 13. Also, total liquidations approached $583 million, most of them from over-extended long positions, CoinGlass data shows. Yet, as leverage washed out, whale accumulation intensified.

“Whale accumulation continues with over 45,000 BTC added this week, the second-largest accumulation of 2025,” said Timothy Misir, head of research at BRN. That sum, roughly equivalent to $4.6 billion at current prices, signals that structural positioning is being built beneath tepid flows and subdued momentum, he added.

BRN's expert also stated that blockchain data shows that much of this buying has been accompanied by increased withdrawals from exchanges into cold storage, suggesting institutional positioning rather than retail speculation.

Onchain intelligence from Glassnode reinforces the picture of a market in quiet equilibrium. Its latest weekly report noted consolidation in a “mild bearish range” and limited upside from resistance near $106,000.

Analysts described the current structure as defined by “seller exhaustion” near $100,000 and “a dense supply cluster/resistance between $106,000 and $110,000,” creating an overhang that continues to limit upward momentum.

Macro cushion

Amid price action and whale activity, a series of macro developments has offered modest relief to risk assets. The U.S. government officially reopened this week after the House passed long-delayed spending legislation, ending a 41-day shutdown and unlocking roughly $40 billion in deferred liquidity.

In parallel, China’s Ministry of Commerce emphasized that “significant room for trade and economic cooperation with the U.S.” remains — signaling a softer tone in global trade dynamics.

Together, these events have restored some confidence in global markets, supporting what Misir called “improving macro conditions and cautious optimism in risk sentiment.”

While macro improves and whales buy, general market optimism remains fragile. Analysts argue that persistent ETF outflows could continue to exert supply pressure on spot markets, particularly if institutional investors delay re-entry.

The macro tailwinds also remain vulnerable, they said. A relapse into fiscal gridlock or renewed inflation shocks could easily erase recent liquidity gains.

Moreover, with institutional rotation yet to show sustained momentum, BTC’s consolidation phase may extend. This scenario would keep traders anchored within a range rather than launching into a new trend, according to analyst opinions shared by BRN and Glassnode.

As Misir put it, “the market sits in a quiet equilibrium, structurally cleaner, but not yet liquid enough to trend.”