Bitcoin (BTC) broke through an all-time high of $112,000 (approximately 155.68 million won) on the 10th, shaking up the market. This rally, which successfully rebounded after a 7-week adjustment period, is drawing attention in conjunction with long-term holders' movements. However, the absence of individual investors is prominently highlighted in this upward trend, creating a somewhat nuanced atmosphere.
On-chain analysis platform Cryptoquant cited 'Spent Output Age Bands' data, revealing that Bitcoin that had remained inactive for 7-10 years has recently started trading. This phenomenon, which previously appeared at major price inflection points, raises questions about whether the current upward trend has reached a point of profit realization for long-term holders. Notably, last week, two early wallets from the Satoshi era moved approximately 20,000 BTC, worth about $2.18 billion (approximately 3.0298 trillion won), drawing market attention.
Despite these whales that have been dormant for years moving, Bitcoin's price maintains a robust trend without a sharp decline. This also indicates that market selling pressure has not yet fully materialized. However, these rare on-chain activities can also be interpreted as a warning signal about potential market overheating.
Interestingly, there is no clear evidence of active purchases by individual investors in this upward trend. Kushal Manupati, Binance's (BNB) South Asia Regional Head, stated, "This rally is centered on institutional investor confidence and inflow, not individual investors," explaining it as "an expansion of Bitcoin's position in crypto asset portfolios into the institutional realm."
Blockchain data platform Santiment offered a similar observation. It confirmed that individual investors had been exiting the market with impatience and skepticism in the days before this rise, a pattern commonly seen just before major upward movements. This is because institutional whales tend to accumulate when public sentiment cools and people leave the market.
Now that the price has set a new record, the market's focus is on whether the number of network addresses holding Bitcoin will increase. This is a measure to gauge whether individual inflow is being reactivated and 'FOMO' (Fear of Missing Out) is beginning to be triggered. Whether this rally will be a short-term overheating or the prelude to another long-term bull market depends on the return of individual investors.
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