On Oct. 22, on-chain analytics platform Lookonchain observed a surge in whale activity, with significant funds being deployed into long positions.
According to the platform, one whale deposited $9.6 million in USDC, using roughly $8.5 million to buy Bitcoin and open a 6x long position on 133.86 BTC valued at $14.47 million.
Earlier the same day, another whale added $1.5 million in USDC to increase a BTC long position worth $49.7 million at current market prices.
Meanwhile, a whale with an address starting 0x8Ae4 deposited around $4 million in USDC to open long positions across BTC, ETH, and SOL, signaling broader confidence in the crypto market among large holders.
Whales pile into Bitcoin longs as market eyes potential rally
A whale known as “God is Good” recently opened a $50 million long position on Bitcoin, following a profitable shorting campaign that netted $1.24 million. The position carries a liquidation threshold of $102,300.
Data from Coinglass shows that Bitcoin long positions are currently dominating the market, with a 4-hour volume of $6.14 billion. Longs now make up 51.98% of total BTC positions, while shorts account for 48.02%. Analysts and traders suggest this surge in whale long activity may indicate expectations of a bullish rally.
“Whales don’t move $20M+ onto a DEX with 6x leverage unless they are front-running a narrative or move they see as imminent,” one X user commented, highlighting the significance of these large leveraged positions.
Bitcoin price update
As of Oct. 22, Bitcoin is trading around $108,200, just below its 30-day moving average of $109,322. BTC attempted to push into the $112,000–$113,000 range but was rejected, resulting in a short-term pullback.
Technical indicators show bulls are active, but momentum remains limited. The moving average now acts as near-term resistance, and a decisive break above it could signal renewed upward strength. The Relative Strength Index (RSI) sits near 45, slightly below neutral, indicating Bitcoin is neither overbought nor oversold, and traders are awaiting confirmation of the next directional move.
If the RSI rises above 50 and holds, it could signal a return of bullish momentum, especially if paired with strong buying activity or continued whale accumulation.
The recent surge in whale long positions coincides with Bitcoin’s current consolidation phase. Historically, when large holders open significant longs during sideways or slightly bearish price action, it often marks accumulation ahead of a potential breakout.
Whales tend to buy when retail sentiment is uncertain, positioning themselves for the next upward move. Sustained long positions combined with on-chain outflows could tighten supply, applying upward pressure on BTC’s price.
If this buying trend persists, Bitcoin could break above the 30-day moving average, targeting $110,000 in the near term. A clean breakout could extend toward $115,000–$118,000, the next key resistance zone. Conversely, failure to hold $107,000 could trigger a pullback, potentially testing lower support near $104,000.
