Summary: Bitcoin stalls near $118K, but BTC whales are still buying – Here’s why

Bitcoin's Silent Surge: Whales Are Accumulating, Are You? The crypto world is buzzing, but Bitcoin's price has been surprisingly choppy around the $118k mark recently, despite hitting a new all-time high of $123,091. Yet, beneath this surface calm, a powerful trend is unfolding: major market players are in an aggressive accumulation phase. While a Satoshi-era miner's $2.7 billion inflow into Binance hinted at some profit-taking, the broader picture reveals a clear divide. On-chain data confirms that everyday retail investors have been quietly selling their Bitcoin since early 2023. In stark contrast, institutional powerhouses – including Spot ETFs, funds, and corporate treasuries – have been relentlessly buying up BTC throughout 2024. This aggressive buying underscores a profound, long-term bullish conviction from the smart money. Adding to the intrigue, Bitcoin's Google Trends score remains remarkably low, indicating that the widespread public euphoria typical of a market top hasn't even begun. This suggests the current bull run is far from over. The Accumulation Trend Score further solidifies this narrative, showing large entities consistently accumulating since May, with scores firmly indicating strong buying pressure. Experts point to the nascent "treasury narrative," where more companies are considering Bitcoin for their balance sheets, as a significant future catalyst. While some believe this corporate crypto craze could eventually signal a late-cycle peak, its early stages suggest the Bitcoin bull run still has considerable momentum to unleash.