60,000 BTC Bought by Whales in 7 Days: Will Bitcoin Pump or Dump?

Bitcoin added over 10% to its value in the past week, reaching a new all-time high of $126,080. This move comes as whale wallets acquired more than 60,000 BTC in just seven days, according to analyst Ali Martinez.

As of press time, Bitcoin was trading at $124,500, with a 24-hour trading volume of over $64 billion. The question is whether this trend can continue or if a short-term shift is likely.

Whale Activity Behind Price Increase

Per data obtained from wallet addresses holding from 100 to 1000 BTC, over 60,000 coins were added in the last week, bringing holdings to 5.11 million BTC. This change came after a period of accumulation that set in during August but peaked sharply in early October.

During this time, Bitcoin rose from $110,000 to over $124,000, showing a clear connection between considerable wallet accumulation and upward price movement. Chart data confirms both metrics moved together recently, suggesting that renewed interest from large holders may have supported the rally.

In addition, CW noted that the realized capitalization of “new whales” has surged in recent weeks. A chart tracking wallet cohorts shows that new capital from recently active large holders has increased quickly in 2025, while older whales have remained mostly inactive. This shift suggests newer market participants are playing a key role in the current price move.

Signs of Distribution Emerging

While new buying remains present, some older holders appear to be reducing their exposure. A recent chart tracking the 30-day change in whale balances shows a large outflow during the price rise to the $110K–$120K range. This is the largest drop in whale holdings since January, which was followed by a correction to $75,000.

Killa commented that “smart money is exiting, dumb money is entering,” pointing out that experienced holders could be taking profits while others enter late. The current price strength may be supported by smaller buyers or momentum-driven trades rather than continued large-scale accumulation.

Despite ongoing price gains, this behavior has raised questions about whether the move can sustain or if a pullback is forming below the surface.

Price Structure Near Resistance

On the 4-hour timeframe, Bitcoin trades inside a rising wedge formation. The price is pushing against resistance near $126,000. The RSI shows bearish divergence, with price making higher highs, while the indicator is making lower highs. This pattern indicates a waning momentum.

Open interest continues to increase, confirming higher activity in the futures markets. Funding rates remain positive but are not overly so at the moment. Volume remains stable without sharp increases. Liquidations are low, but the tight range is an indication that a big breakout is quite near.

ByzGeneral said:

Watch Levels: $128K or Pullback?

Bitcoin has moved above $126,000. Ted said the next resistance is near $128,000. If buying continues, price may push toward that level. Still, sell-side liquidity is growing below, which could trigger a move down before any further upside.

Rekt Capital pointed out that Bitcoin may have ended its second correction in the current price cycle and could now be starting a new stage of trend continuation. With mixed signals across whale behavior, momentum, and order book data, the coming sessions may provide more clarity.

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