According to @ai_9684xtpa, the Bitcoin market is in a fragile equilibrium as it trades near its all-time high, with two 14-year-old whale wallets moving 20,000 BTC, worth over $2 billion, to new non-exchange addresses, as reported by Lookonchain. On-chain data from Glassnode reveals a dominant 'HODLing' sentiment, with long-term holder supply reaching 14.7 million BTC and realized profits remaining historically low, suggesting strong investor conviction. This patience is contrasted by rising leveraged long positions and positive funding rates, indicating a buildup of short-term speculative pressure, according to QCP. This dynamic is supported by persistent institutional demand, evidenced by $2.2 billion in net inflows to spot BTC ETFs last week and significant corporate investments, such as Figma's $70 million position in the Bitwise Bitcoin ETF (BITB) and DeFi Development Corp.'s plan to raise $100 million for potential Solana (SOL) accumulation. Glassnode analysts suggest the market needs a catalyst to break this standoff between patient capital and leveraged traders, which could result in an explosive price move.

According to Lookonchain, two Bitcoin whale wallets holding a combined 3,422 BTC (valued at $324.2 million) have become active after more than a decade of dormancy. The wallet 1NWPS2 moved 2,343 BTC ($221.7 million) after 10 years, and 1PiEKB transferred 1,079 BTC ($102.54 million) after 12 years. Such large-scale movements from long-term holders often signal potential shifts in market sentiment and can increase short-term volatility, as traders closely monitor whether these coins may be moved to exchanges or sold (source: Lookonchain, May 6, 2025).