Asia Market Update: Bitcoin Rally Faces Resistance as Miners and Whales Offload Holdings

BTC Nears Record Highs as Miner and Whale Selling Raises Caution Flags

Bitcoin opened the Asian trading week just shy of record territory, changing hands around $117,300 — a step below last week’s all-time high of $123,000. But while the market momentum remains strong, on-chain data is flashing early warning signs.

Ethereum continues to outpace Bitcoin, trading at $3,831 after gaining 4% in the past 24 hours and 26% over the past week. The capital rotation into higher-beta assets has boosted ETH’s market dominance and contributed to overall strength in majors. The CoinDesk 20 Index currently stands at 4,071.75, signaling broad investor engagement.

However, new data from CryptoQuant points to a potential shift in sentiment. On July 15, Bitcoin exchange inflows jumped to 81,000 BTC — the largest single-day total since February. The increase was driven by whales and miners, with transfers over 100 BTC spiking from 13,000 to 58,000 BTC. Miners alone offloaded 16,000 BTC, much of which went directly to exchanges.

Ethereum experienced a similar pattern. On July 16, 2 million ETH moved to exchanges — the largest daily inflow since February — following a 131% price increase since April. These inflows suggest that some large holders may be locking in profits as ETH trades near multi-month highs.

Miner wallet balances also reflect the sell pressure. Since June 26, balances dropped from 68,000 BTC to 65,000 BTC, reinforcing the view that miners are selling into strength — a move often seen near local tops or ahead of volatility spikes.

Historically, elevated inflows of this magnitude have preceded corrections or range-bound trading. While momentum remains intact for now, analysts are urging caution.

Market maker Enflux, based in Singapore, noted in a report that they’re closely monitoring technical indicators:

“Liquidity remains strong, but we’re watching perpetual open interest and altcoin depth closely. If ETH dominance keeps climbing, we could see continued mid-cap strength into next week.”

Altcoin inflows remain relatively subdued. Only 31,000 daily altcoin deposits were tracked across exchanges — a sharp contrast to the 120,000+ during market peaks in March and December 2024. According to CryptoQuant, this suggests that many altcoin holders are either waiting for a breakout or holding firm through current market conditions.

For now, Bitcoin and Ethereum remain the focal points of capital flows — but with increasing signs of profit-taking, traders may want to keep a close eye on short-term risk.

Market Overview:

Bitcoin (BTC): Trading at $117,100 after sliding below $118,000 support in late U.S. hours. Earlier institutional flows have faded, raising the possibility of a near-term retracement.
Ethereum (ETH): Up nearly 4%, benefiting from both capital rotation and institutional accumulation. Analysts caution that nearly $331 million in short interest could trigger a squeeze if momentum continues.
Gold: Despite minor weakness, CIBC forecasts gold will average $3,600 in H2 2025, citing strong central bank demand, macro uncertainty, and anticipated rate cuts.