No Euphoria in Bitcoin Markets but Warning Signs Are Starting to Appear (Analyst)

Key Points

1. Bitcoin reached a new all-time high above $123,000 before retreating to around $117,000, with a notable spike in Binance Whale Activity Score indicating significant sell-side pressure.

2. Approximately 1,800 BTC (over 35% of total Bitcoin inflows to Binance) were moved by whales, suggesting strategic investors are re-entering the market.

3. The market's current structure shows only 32% retail participation, indicating that broader euphoria has not yet materialized.

4. Bitcoin's price is down nearly 4% in the last 24 hours but remains up 9% for the week and 11.3% over the past month, outperforming legacy markets but lagging slightly behind the broader crypto sector.

5. Analysts warn that the presence of significant whale activity increases the risk of sharp price swings, as their actions often precede market shifts.