Bitcoin Old Money Buys $12 Billion Worth of BTC: What’s Next?

Bitcoin price has drifted lower in recent sessions, reflecting cautious sentiment across the crypto market. BTC continues to struggle beneath key resistance, limiting upside momentum. 

Despite the slow decline, structural signals show accumulation beneath the surface. Whether that conviction translates into price recovery is yet to be seen.

Bitcoin Holders Near New Milestone

Santiment data shows Bitcoin is nearing a significant milestone. The network is about to surpass 20,000 wallets holding at least 100 BTC. At current prices, a 100 BTC wallet represents roughly $6.78 million in value.

Such wallets are typically controlled by high-net-worth individuals, institutional investors, funds, or long-term holders. Growth in this category during price pullbacks is often interpreted as a constructive signal. Accumulation during weakness reflects confidence in long-term fundamentals.

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However, the overall percentage of supply held by key stakeholders has not materially increased. This suggests that distribution is occurring across more large holders rather than consolidating within a smaller elite group. While this reduces extreme concentration risk, it also limits aggressive price acceleration. Broader accumulation may stabilize price but not immediately trigger sharp rallies.

Bitcoin Holders Exhibit Mixed Sentiment

Old supply data adds another layer to the outlook. Old supply refers to Bitcoin that has not moved in at least six months. These coins are often associated with patient, long-term holders.

Over the past three weeks, old supply increased by 188,000 BTC, valued at more than $12.75 billion. Rising old supply indicates that mature hands are choosing to hold rather than distribute. Historically, this behavior has supported longer-term recovery phases when selling pressure diminishes.

Derivatives data present a more cautious picture. Aggregate funding rates across Binance show that Bitcoin is currently being shorted. Negative funding rates signal that short positions are dominating longs.

Red funding bars over the last 24 hours indicate traders are positioning for potential downside. If short bias persists, BTC may face continued consolidation. Elevated short interest can cap near-term rallies unless a strong catalyst forces short covering.

BTC Price Is Under Slight Pressure

Bitcoin is trading at $67,867 at the time of writing, remaining below the $68,830 resistance level. The asset has formed a mild downtrend line over the past 20 days. A decisive move above $70,000 would shift momentum and signal renewed bullish strength.

Accumulation growth and expanding large wallet counts provide a supportive backdrop. If conviction strengthens and price responds, BTC could break above $70,000. Crossing $72,294 would mark a structural recovery phase and potentially attract renewed inflows.

However, divergence between spot accumulation and derivatives skepticism may limit upside. Continued formation of lower highs would reinforce the downtrend line. In that scenario, Bitcoin could slide toward the $66,224 support. A sustained move below this level would invalidate the bullish outlook and extend consolidation pressure.