Market Overview
Bitcoin's volatility index has surged past 95% for the third time this month, signaling unstable short-term price conditions. According to CryptoQuant data, similar volatility spikes have preceded major moves, especially near the $120K price zone.
At the same time, the CryptoQuant Bull-Bear Index has flipped bearish, entering red and orange zones as Bitcoin trades between $108K and $110K. This sentiment shift reflects fading bullish momentum after the mid-2025 rally and increased selling pressure from traders reacting to market uncertainty.
Technical charts show Bitcoin was recently rejected at the $113,500–$114,000 resistance area and now trades near a critical $108K support level. Analyst Ted noted that losing this range could lead to a further drop toward the $100K mark, highlighting a fragile short-term structure.
Whales Accumulate While Long-Term Holders Reduce Exposure
Despite rising volatility, large Bitcoin holders have been accumulating aggressively, according to Glassnode data published this week. Wallets holding 10,000 to 100,000 BTC added more than 45,000 BTC since the October 10 crash, raising total holdings to 2.175 million BTC.
This strong accumulation contrasts with long-term holder activity, which shows signs of distribution amid market strength. Glassnode reports that long-term addresses have offloaded around 28,000 BTC since October 15, lowering their total holdings from 14.67 million BTC to 14.64 million BTC.
The opposing actions between whales and long-term holders suggest growing uncertainty about Bitcoin’s next move. While institutional buyers accumulate during dips, earlier investors are securing profits near local highs.
This divergence aligns with rising volatility and bearish sentiment, indicating potential for sharp price movements ahead. Traders continue watching the $108K support zone as a key level for short-term direction.