Bitcoin hit $112,000 on May 22, up 47% from April 6’s $76,000 low.

Newer whales sold quickly, causing volatility, while long-term holders stayed inactive and confident.

NRPL remains low, and taker buy orders dominate again, hinting at potential further price gains.

Bitcoin surged to a record $112,000 on May 22 on Coinbase exchange, bouncing back from a long slump earlier in the year. This fresh high marks a strong comeback, with Bitcoin climbing more than 47% from its April 6 low near $76,000. The recent rally, however, is attracting mixed signals from large holders.

CryptoQuant analyst Crazzyblockk highlighted that wallets holding significant amounts of Bitcoin for less than 30 days have been quick to take profits. These newer whales are contributing to selling pressure, taking advantage of the recent rise to lock in gains.

Meanwhile, those holding Bitcoin for over six months—often called long-term whales—have barely moved their coins. Their continued holding reflects a level of trust in Bitcoin’s future growth. This group seems to believe that prices may climb further, reinforcing confidence in the asset.

Mid-Term Hope Balances Short-Term Warnings

Another category of whales, active within the last month but not entirely new, have taken a more balanced approach. Their modest profit-taking shows hesitancy but not panic, suggesting partial belief in further gains, mixed with caution over immediate conditions.

A key metric underlining this caution is the Net Realized Profit/Loss (NRPL). Right now, NRPL during the current surge remains far below the levels seen at previous market peaks earlier in 2024 and 2025. This suggests that, overall, investors are not in a rush to sell.

NRPL gauges the net outcome of investor decisions—how much profit or loss they lock in based on the difference between their buying and selling prices. Lower NRPL means fewer people are cashing out for gains, and may imply either reluctance or confidence that more profit lies ahead.

In the short term, If the newer whales keep selling, Bitcoin might slip toward the $100,000–$105,000 range. That zone could act as a support level, giving the market space to cool off and shake out weak hands.

Yet the bigger picture might still favor growth. As long as old whales continue holding and NRPL stays low, the stage may be set for another climb once the market consolidates. Dips, in that view, could become buying chances rather than red flags.

Bitcoin Taker Buys Dominate Again

Backing this up, another CryptoQuant contributor, ibrahimcosar, pointed to renewed strength in buying interest. He noted that taker buy orders—trades where buyers accept current sell prices—are back in charge. The Spot Taker CVD chart, which measures the difference between buying and selling volumes, has flipped green again for the first time in months.

This is a turnaround from recent trends. During earlier months of the year, the chart showed red, reflecting overwhelming sell pressure. That imbalance had dragged Bitcoin lower. Now, more people are stepping in to buy, possibly setting the groundwork for continued upward action.

As Bitcoin tests levels above $110,000, buyers are not retreating. If current patterns hold, the market may be entering a new phase—one where measured optimism, rather than speculative hype, becomes the dominant force.

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Filed under: Bitcoin - @ May 23, 2025 9:15 am