Bitcoin Hits New All-Time High, Whales Show Mixed Responses

Bitcoin reached an all-time high of $111,880, increasing over 45% since April 6. New whales have been selling off while older, long-term holders show confidence by mostly holding. Mixed reactions from different whale types contribute to questions about the sustainability of this rally. The Net Realized Profit/Loss (NRPL) indicator suggests profits are lower than prior peaks, hinting at cautious market sentiment. Short-term corrections may occur, but mid-term prospects look optimistic if old holders remain steadfast.

Bitcoin (BTC) has hit a new all-time high of $111,880 on Binance, an impressive rebound of over 45% from its April 6 low of around $76,000. This surge follows months of decline, and it seems that long-term holders – or whales – are reacting in differing ways, indicating mixed sentiment around the cryptocurrency’s latest rally.

CryptoQuant contributor Crazzyblockk recently highlighted the sharp profit-taking by new whales—those who have held substantial Bitcoin for less than 30 days. These new players are selling off during the current price increase, adding notable selling pressure to the market. Meanwhile, older whales, defined as wallets that have held BTC for more than six months, are mostly holding their positions, indicating a belief in Bitcoin’s future value.

On the other hand, whales who have been active in the past 7 to 30 days appear to be taking profits at a moderate pace. This suggests some cautious optimism about the current run. Although older whales’ inactivity is seen as a bullish sign, some market indicators hint at possible doubts regarding the sustainability of this rally.

A key metric to consider is the Net Realized Profit/Loss (NRPL) during this price surge, which is considerably lower than the levels noted during market peaks in 2024 and 2025. NRPL gauges the profit or loss investors secure from Bitcoin sales based on their purchase price and the current sale price. Generally, high NRPL points to strong profit-taking, while low or negative marks suggest a lack of excitement among traders.

A lower NRPL might indicate that we haven’t yet hit market euphoria, which could be a good sign in the longer-term outlook. However, it does raise flags about the rally’s strength—meaning that BTC’s path could vary across different times.

In the short term, if new whale profit-taking continues, we might see a price correction—possibly pushing Bitcoin back to the $100,000 to $105,000 support area. Yet, looking further out, the inactivity from older whales paired with low NRPL could bolster a bullish trend after some consolidation. Pullbacks might be perceived as chances to buy more BTC.

In a nutshell, while short-term price corrections are possible, the overall mid-term perspective for Bitcoin appears relatively bright if old whales keep their positions and NRPL doesn’t rise. This view corresponds with recent on-chain analyses that reveal many new Bitcoin investors are enjoying decent unrealized gains and don’t seem inclined to sell in a panic, even against the backdrop of record pricing. Notably, at the time of writing, Bitcoin is trading at $111,500, which is up 4.2% within the last 24 hours.