In today’s report, we will be looking into how the BTC price increase to above 60,000 USD has affected the sentiment and behaviour of investors.
Key Points:
- The Exchange Net Position Change indicates that the aggressive accumulation that occurred when Bitcoin ranged between $40,000 - $50,000 has significantly slowed.
- Long-term investors, represented best by the 1-2 Year aged Coins cohort, have shown next to no interest in off-loading some of their Balances. HODLing remains their current sentiment.
- Whales have sold a small % of their holdings, but this selling volume is insignificant compared to the amount of Coins flowing into the Whale Wallets.
- The Puell Multiple indicates that there is still some distance till a market top; thus further upside should be expected.
Investors are still looking to add BTC to their balances, with long-term investors not offloading any significant size. The amount of BTC being bought and hodled still outweighs the amounts being sold. We all know what a reduction in supply mean for price action. The year of the Ox is looking to finish off strong.
Metrics 1 – Exchange Net Position Change
By now you should be familiar with what the Exchange Net position indicates, and why we check it in every report. For more detail on the metric refer here. In Thursday’s report which focused on Ethereum, we outlined the usual pattern between large accumulation and then small scale selling (consecutive small red and green bars) that we’ve seen occur multiple times this year. For Bitcoin what we are seeing is different. The heavy accumulation has slowed (big red bars) to smaller yet sustained accumulation (smaller red bars). This indicates that some investors are still adding BTC to their portfolios at these prices. With this steady accumulation period coinciding with the run up to the approval of the ETF. This is the ETF frontrunning that we mentioned in this weeks’ discord commentary.
Metric 2 – Lifespan (1-2 Year)
Lifespan tracks the Coins that haven’t been interacted with for between 1-2 years. If these are interacted with, they show up in the below metric. We concentrate on this bracket/age of Coins as it best reflects the longer-term investors. It is critical that they do not look to start selling their holdings with this break above 60,000 USD.
You can see from below that there has been minimal selling from this cohort with the orange line remaining flat. This gives us confidence that sentiment remains bullish, despite approaching ATH areas.
Metric 3 – Whale Outflows
The Whale Outflows chart shows the amount of BTC that is being moved by Whales, along with the price, those bitcoins were bought at. This is a daily metric, and for the majority of days this year, the chart looks the same.
The larger the bubble the more Bitcoins a Whale has moved. The largest of the outflows below is less than 1,000 BTC. Keep this in mind when comparing against the chart below, where the largest bubble is around 100,000 BTC.
From the Large Wallet Inflows below, we can see similar bubble sizes but they actually represent a far greater scale/number of Coins. Also notice how the size of the bubbles currently is larger than what it was back in May. This is reflective of the better market conditions we find ourselves in, and Whales are exhibiting the same belief. It’s how we know that the level of selling from Whales and long term investors is nothing to be concerned about as it pales in size to the levels of accumulation that are still occurring.
Metric 4 - Puell Multiple
The Puell Multiple is the daily value of the issued BTC in USD divided by the 365 days moving average of the daily value of issued BTC in USD. What is important is that this metric has proven to consistently identify swing lows and highs. The correlation has held for both major halving associated bull market cycles, as well as the shorter term fluctuations. From below you will see that values greater than 2.0 indicated that a market top was approaching, and anything above 4.0 is code red.
In this years market cycle, we still haven’t seen the Puell multiple surpass 4.0. Back in May it topped out at 3.0. With BTC trading at above 60,000USD and the Puell multiple currently 1.4 (comfortably below the key level of 2.0), it indicates that there is still significant upside to be expected, something which long term investors look to be well aware of, as depicted by their behaviour.
100% Success Money Back Guarantee
If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.
Take your next step towards crypto success
$799/year
Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.
For your security, all orders are processed on a secured server.
What’s included in Pro:
Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked
24/7 access to experts with 50+ years’ experience
All of our top token picks for 2025
Our latest memecoins pick with 50X potential
On hand technical analysis on any token of your choice
Weekly livestreams & ask us anything with the team
Daily insights on Macro, Mechanics, and On-chain
Curated list of top upcoming airdrops (free money)
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.
Frequently Asked Questions
Can I trust Cryptonary's calls?
Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.
Do I need to be an experienced trader or investor to benefit?
No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.
What makes Cryptonary different from free crypto content on YouTube or Twitter?
Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.
Why is there no trial or refund policy?
We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.
Do I get direct access to the Cryptonary team?
Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.
How often is content updated?
Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.
How does the success guarantee work?
If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.
Recommended from Cryptonary
