- Bitcoin is trading at approximately $109,000, but whale investors are not exiting their positions
- The NRPL chart on CryptoQuant indicates that whales are not selling, due to the expectancy of greater gains in the future.
- Analyst Merlijn The Trader has marked a bullish flag formation, which could cause a price breakout towards $144,000.
The price of Bitcoin (BTC) has skyrocketed near its record highs, trading at around $109,000 as per the latest data on CryptoQuant. But big investors, also referred to as whales, are yet to take their profits out.
This action explains the existing market dynamics, which are presented in a detailed chart examining the Net Realized Profit and Loss (NRPL) of Bitcoin.
Bitcoin Whales’ Action Indicates Changing Investor Patterns
The chart, provided by CryptoQuant, shows the price of Bitcoin and the NRPL which is an indicator that shows the profit or loss that investors realize when they sell their assets. The graph indicates some important moments in the last years.
At the end of 2024 and the beginning of 2025, NRPL showed sharp spikes, circled in red, which are periods when a large number of investors took profits as the price was going up.
In more recent times, however, the situation is different. With the price of Bitcoin about to reach $109,000, the NRPL line has been flatter compared to the previous profit-taking cycles (the green circle denoted on the graph). This flatline is an indication that whales are not selling.
A post by @DanCoinInvestor in reference to the chart shows that these large holders are not keen on taking profits at the current price level and could be awaiting a higher price. This may be an indication of optimism in the future rise of Bitcoin or a plan to evade the process of causing a market crash.
Since Bitcoin is already close to its all-time high, the lack of selling pressure on the part of the whales could drive the price up. But it also brings up some questions on sustainability. Should a large proportion of investors wait to achieve greater profits, any sudden movement can cause large fluctuations in BTC’s price.
Source: X (@cryptoquant_com)
Bitcoin Bull Flag Indicates Target of $144,000: Analyst
In the meantime, a famous trader, Meriljn The Trader on X, has forecasted a massive BTC price pump. As noted in their latest tweet, BTC is demonstrating a classic example of a bull flag and its price could reach $144,000. The flag is a technical indicator that major price increases sometimes follows.
Its formation is a continuation pattern and is identified on charts by consolidation of prices after a steep upward move which forms the flag shape. When the price breaks out of this pattern, there is a tendency of a sudden rise. Meriljn says that the breakout is already in progress, so Bitcoin may be on the verge of a so-called parabolic phase, which is a period of swift price increase.
Should the bull flag arrive in a manner that is anticipated, it is possible that the cryptocurrency would surpass its prior all-time highs and hit the $144,000 mark.
Source: X (@MerlijnTrader)
