Bitcoin (BTC) saw significant market activity on June 11, 2025, as accumulation wallets associated with long-term holders absorbed 30,784 BTC valued at $3.3 billion, raising total holdings in these wallets to 2.91 million BTC. Despite Bitcoin's price dropping 2.41% to around $104,719 and failing multiple times to breach the $112,000 resistance level, long-term holders have added 881,578 BTC over the last 30 days, signaling strong conviction in the asset’s future potential.
Meanwhile, whale activity shows a contrasting pattern, with a prominent whale wallet depositing 1,000 BTC to Binance, continuing a selling streak that began in April 2024, having offloaded 6,500 BTC so far but still holding 3,500 BTC. The market shows mixed signals: the Network Value to Transaction (NVT) ratio spiked 15.21% to 36.49, suggesting possible speculative overvaluation; new address growth has slowed by 2.36%, though active addresses have increased 1.69%, indicating sustained engagement from current users.
Furthermore, spot Bitcoin ETFs, led by BlackRock’s iShares Bitcoin Trust (IBIT), recorded over $970 million in inflows in the first sessions of the week, highlighting strong institutional interest. However, geopolitical tensions, such as the Israel-Iran conflict, and macroeconomic factors like tariffs, have introduced volatility, reflected in liquidation clusters around $102,000-$105,000 on Binance, posing risks for cascading stop-loss triggers.
Overall, Bitcoin’s current market structure remains cautiously bullish. If BTC can reclaim and hold above $106,000 support, it may initiate a relief bounce and the next leg toward new highs. However, weakening momentum and high NVT warn of potential pullbacks. Market participants should closely watch the $104K-$112K congestion and liquidation zones to gauge upcoming price action.