Bitcoin: Whale Accumulation Soars as Market Holds Steady Near $119K: A New High Next?

Bitcoin rallies as whales take charge

• Bitcoin rallies to a new all time high as bulls eyes $120k

• Short term holders are not selling and market lacks euphoria

Bitcoin has broken above $118,900, setting a new all-time high. But something unusual is happening: there's no FOMO yet. Whales and long-term believers are buying heavily, while short-term holders remain quiet. This rally may not be close to over.

Bitcoin Short-Term Holders Are Not Selling

Meanwhile, short-term holders those who bought BTC in the last 155 days are still holding. According to Cryptoquant, STH SOPR (Spent Output Profit Ratio), which shows realized profits, remains neutral.

Graph depicting Bitcoin's Short Term Holder SOPR from June 2024 to July 2025, highlighting fluctuations against the price in USD and the 14-day EMA.

That means short-term holders aren’t rushing to lock in profits, even though they’re up nearly 18% on average. When SOPR spikes, it usually means a local top is near. But right now, SOPR remains calm and controlled.

Read Also: Bitcoin hits a new all time high

Compare that to November 2024, when Bitcoin hit $111,000. Back then, SOPR rose sharply—profit-taking was everywhere, and the rally lost steam. This time, the picture is different. The market doesn’t seem greedy or overheated.

Bitcoin Accumulation Wallets Hit Highest Level Since 2022

Amidst all this, accumulating addresses are growing hitting a 3 year high. Over 57,000 wallets are now classified as accumulation addresses wallets that only buy and never sell.

Inflows to Bitcoin accumulation addresses have significantly increased, as indicated by the sharp rise in the purple bars, correlating with a notable price trend shown by the black line on the chart from CryptoQuant.

That’s the highest count since February 2022, and nearly 7x higher than the monthly average of 8,617 wallets. Some of these addresses hold Bitcoin bought many years ago and they’ve never moved it. This shows that deep-pocketed investors believe Bitcoin has more room to rise.

What’s Driving This Calm Rally?

Institutional buying is likely driving this wave. Quiet, large-scale accumulation is not a retail behavior. Open interest in derivatives is climbing, but funding rates remain neutral.

That means no aggressive leverage is being used no signs of a bubble. Whales are buying. Retail is watching. And most traders are not overexposed. Even with Bitcoin trading near $120,000, the market feels cool, not overheated.

Could Bitcoin Break $120,000 Soon?

All signs suggest that it could. If accumulation continues and retail joins in, a breakout above $120K is very possible. What’s missing? Euphoria. The rally still lacks that final wave of excitement.

Historically, the biggest rallies often end when everyone starts celebrating. We’re not there yet. Therefore, there's still more room for growth. A continuation of the current trend will see Bitcoin hit $120k and eye $150k.