Bitcoin (BTC) Price Still Has a Long Way to Go, According to Historical Whale Activity

• Bitcoin has climbed past $120,000, triggering renewed on-chain activity and investor interest.
• However, current supply movement remains subdued compared to previous distribution phases.
• Analysts point to a potential buffer for further upside, with long-term holders showing little inclination to sell at current levels.

As Bitcoin hovers around $117,000 after recently hitting a new all-time high, a telling shift is appearing in on-chain activity. According to new data highlighted by Bitcoin researcher Axel Adler Jr., the current uptick remains far below the levels seen during past market tops, suggesting the macro cycle may still be in its early innings.

In his commentary on this trend, Adler Jr. says the market may still be in the early innings of its macro cycle.

Past Peaks Show Clear Supply Awakening Before Major Moves

Adler noted that in previous bull cycles, significant increases in the percentage of BTC supply active within 180 days preceded key market tops. 

For instance, when Bitcoin hit $70,000 in spring 2024, the active supply surged to 20%. A second wave occurred in December 2024, as Bitcoin broke the psychological $100,000 barrier, driving …

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