Whales re-enter spot market as Bitcoin nears $100,000

Beincrypto reports Bitcoin surged above $97,000 on Tuesday as large traders returned to the spot market, putting the $100,000 level back in play and signaling a shift in who is driving the market.

On-chain and derivatives data show the rally is being led by spot accumulation from whales while smaller traders largely chased the move through futures. CryptoQuant's Futures Average Order Size indicated large orders rose as Bitcoin moved from the mid-$80,000s to above $95,000, while small trades surged in futures markets; a separate CryptoQuant chart showed daily percentage changes shifting from heavy red spikes in November to steady green clusters in January, reflecting a rebound from roughly $84,400 to more than $96,000 as selling pressure faded.

Earlier this month U.S. spot Bitcoin ETFs lost more than $6 billion, which the report says cleared weak hands and left price near the ETF cost basis around $86,000 as support before whales began rebuilding exposure. Bitcoin is now holding above $95,000, and if whales continue to lead on spot while ETF selling remains muted, the path toward $100,000 is open and a push to new highs becomes possible, the article notes.

Key Topics

Crypto, Bitcoin, Whales, Spot Market, Futures, Cryptoquant