Calm Before the Surge? Experts Declare Market Caution Amidst Active Whale Accumulation

cryptonews.ruPublished on 2026-07-28Last updated on 2026-07-28

Abstract

Analytical platforms Glassnode and Santiment have published reviews on the current state of the cryptocurrency market. Experts note cautious consolidation amidst positive on-chain signals, while institutional and derivatives market activity remains restrained. According to Glassnode, despite a pullback from near $66,700 to $64,000, Bitcoin continues to trade within an established range. The derivatives market shows a more cautious approach, with funding rates for long positions declining significantly, indicating reduced leverage usage. Regulated investment products have seen net outflows, and weekly trading volumes have decreased. Overall, the market is described as being in a calm transitional phase, supported by stable coin holding but constrained by cautious spot and derivatives activity. Meanwhile, Santiment data reveals that large market participants, or "whales," are actively accumulating Bitcoin, adding 19,696 BTC over eight days. In contrast, activity from the smallest retail wallets is decreasing. This shift of coins to stronger hands is viewed as a positive signal. Additional analysis from CryptoQuant's Maartunn indicates that 374,000 BTC have moved from short-term to long-term holders, statistically reducing the likelihood of near-term sales and decreasing Bitcoin's liquid supply on the market.

Analytical platforms Glassnode and Santiment have published reviews of the current state of the cryptocurrency market. Experts point to cautious consolidation with positive on-chain signals against a backdrop of restrained institutional and derivatives market activity.

Derivatives and ETFs Signal Caution

Glassnode noted that after a local high near $66,700, Bitcoin pulled back to $64,000 and then partially recovered. Despite this, the market structure remains unchanged — the price continues to move within the established range.

Analysts also drew attention to the derivatives market. Although open interest has increased somewhat, funding rates for long positions have decreased significantly, indicating traders' more cautious use of leverage.

Furthermore, regulated investment products have switched to net outflows, and weekly trading volumes have decreased. At the same time, according to Glassnode's estimates, aggregate institutional positions remain moderately profitable.

Glassnode pointed out that profitability indicators suggest sentiment stabilization. They stated that aggregate unrealized losses have decreased somewhat, and realized losses have also diminished, indicating a gradual easing of corrective selling pressure.

"Overall, the market remains in a calm transitional phase, supported by stable coin holding from investors, but restrained by cautious activity in the spot market, derivatives market, and among institutional participants," the experts summarized.

Whales Accumulate While Supply Shrinks

Meanwhile, Santiment data indicates that large market participants continue to accumulate Bitcoin. Over the past eight days, wallets holding from 10 $BTC to 10,000 $BTC have increased their reserves by 19,696 $BTC.

At the same time, the activity of the smallest retail investors is declining. Wallets with less than 0.01 $BTC are increasingly less likely to buy the price dip. Santiment believes this combination is a positive signal for the market, as coins are gradually transferring to stronger holders.

Additionally, CryptoQuant analyst Maartunn reported that 374,000 $BTC have transitioned from short-term holders to long-term holders. This means these coins are statistically less likely to be sold in the near future, which reduces Bitcoin's liquid supply on the market, he added.

Recall that earlier, Grayscale assessed the chances of Bitcoin's bear market ending.

end-content

Related Questions

QAccording to Glassnode, what are the key characteristics of the current cryptocurrency market structure?

AAccording to Glassnode, the current market structure remains unchanged, with the price moving within a formed trading range. They also note cautious consolidation with positive on-chain signals, coupled with restrained activity from institutional and derivatives markets.

QWhat do recent data from derivatives and ETF markets indicate about trader sentiment?

ARecent data indicates a more cautious sentiment. Funding rates for long positions have dropped significantly, suggesting traders are using less leverage. Furthermore, regulated investment products have seen a net outflow of funds, and weekly trading volumes have declined.

QWhat do the Santiment data reveal about the behavior of Bitcoin 'whales' compared to small retail investors?

ASantiment data shows that Bitcoin 'whales' (wallets holding 10 to 10,000 BTC) have been accumulating, increasing their reserves by 19,696 BTC in eight days. In contrast, the smallest retail investors (wallets with

QWhy does the transfer of 374,000 BTC from short-term to long-term holders have a positive implication for the market, according to CryptoQuant's Maartunn?

AThe transfer of 374,000 BTC from short-term to long-term holders is positive because these coins are statistically less likely to be sold soon. This reduces the liquid supply of Bitcoin on the market, easing selling pressure.

QHow do the reports from Glassnode and Santiment characterize the overall market phase?

AThe reports characterize the overall market as a calm or quiet transitional phase. This phase is supported by stable coin holding from investors but is restrained by cautious activity across spot, derivatives, and institutional markets.

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