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Ryan Moore Whale accumulation, BTC demand growth, and profit margins are heating up, but the bull run isn’t done yet.
Bitcoin’s bull run is still alive but showing signs of overheating
Bitcoin is in a strong bull market, no doubt about that. But if you zoom in on some key indicators, there are hints that things might be getting a little too hot. According to a new report from CryptoQuant, a few metrics tied to demand and whale behavior suggest that BTC could be nearing a short-term peak before catching its breath.
That doesn’t mean the rally is over. In fact, CryptoQuant’s Bull Score Index is sitting at 80. As long as it stays above 50, historical data shows the uptrend tends to continue. Still, it’s worth keeping an eye on what’s happening beneath the surface.
Whales are stacking BTC fast and that could mean a slowdown is coming
Whales have been busy. Over the past month, their BTC holdings jumped by 2.8 percent. That’s a big deal because it adds up to around 229,000 BTC in fresh demand. It’s very close to the levels we saw back in December 2024 when Bitcoin smashed through the $100,000 mark for the first time.
But there’s a catch. When whales buy up this much this fast, it usually leads to a slowdown. Demand like this is hard to sustain and once the buying cools down, prices can dip. For the rally to keep going strong, Bitcoin needs steady demand to back it up.
Profit margins are creeping toward levels that usually trigger resistance
Another sign that things might be getting stretched is the Bitcoin Traders’ Unrealized Profit Margin. When this metric hits 40 percent or more, it often signals resistance. Last week, when Bitcoin hit $111,000, the profit margin reached 32 percent. That’s not quite the danger zone but it’s getting there.
The 30-day moving average for this metric is currently at 19 percent. If the margin drops below that, it could be a sign that traders are starting to take profits more aggressively. Historically, that’s when we see momentum slow down or even reverse for a bit.
$120,000 could be the next big resistance level
If Bitcoin manages to stay on track and bounce back from the current dip, the next big test could be around $120,000. That’s not just a psychological barrier. It’s also where the On-chain Realized Price Band tops out and that’s where the unrealized profit margin tends to max out as well.
This upper band has been a strong resistance zone during past bull markets. Breaking above it would be a strong signal that the rally still has legs.
Bitcoin dips below $104K but the bull cycle still looks healthy
At the moment, Bitcoin has slipped below $104,000. It’s down about 2 percent in the last 24 hours according to CoinMarketCap. Not exactly a crash but enough to get traders a little cautious.
Still, there’s no sign that the bull run is over. Analysts say that profit-taking has been pretty modest and overall demand is holding up. While some indicators are getting hot, the bigger picture remains positive. Bitcoin may just need a bit of a breather before pushing higher again.
So yeah, the market might be a little overheated right now, but that’s not unusual in a strong bull cycle. As long as demand stays healthy and profit-taking doesn’t snowball, BTC still has room to run.
David Rich 
