Bitcoin continues to trade with high volatility following Friday’s brutal crash that sent prices as low as $103,000. Over the weekend, the market has struggled to find a clear direction, with bulls and bears locked in a tense battle around the $115,000 level. Sentiment remains divided — some analysts expect a consolidation phase before another leg higher, while others warn of a deeper correction if selling pressure intensifies.
Adding to the uncertainty, new data from on-chain analytics firm Lookonchain has revealed massive withdrawals by wallets linked to Matrixport, a major crypto financial services platform. The move has sparked heavy speculation across the market, with investors debating whether this represents institutional accumulation, treasury reallocation, or preparation for potential selling.
Matrixport, founded by former Bitmain co-founder Jihan Wu, is known for managing large-scale digital asset operations. As such, its actions often draw attention from analysts tracking institutional flows. For now, Bitcoin remains in a delicate position — consolidating near support, while large-scale whale movements keep traders on edge.
Institutions Adjust Positions as Market Enters Choppy Phase
As Bitcoin struggles to reclaim its recent all-time highs above $125,000, institutional activity has started to reflect a more cautious tone. The market appears to be entering a choppy, directionless phase — one defined by profit-taking, reallocation, and controlled derisking rather than panic. Long-term holders, who have accumulated substantial gains throughout the year, are beginning to trim positions, locking in profits as volatility remains elevated and macroeconomic uncertainty grows.
The recent Matrixport activity fits neatly into this broader institutional trend. On-chain data from Lookonchain revealed that wallets linked to Matrixport withdrew 4,000 BTC (roughly $454 million) from Binance within 20 hours, a move that quickly caught the attention of traders and analysts. Such large transfers from exchanges are typically interpreted as a sign of strategic repositioning — either moving assets to custody, deploying them for institutional clients, or reallocating capital in response to shifting market dynamics.
This follows a pattern seen across major crypto players in recent weeks. Institutional entities appear to be rotating funds, managing risk more proactively, and rebalancing exposure amid the heightened volatility triggered by Friday’s market crash. The broader context suggests not an exodus, but rather a strategic phase of recalibration.
In essence, the Matrixport withdrawal underscores a market in transition — one where large players are still active but far more selective. As Bitcoin hovers between $113K and $118K, the coming days could define whether this cautious accumulation transforms into renewed confidence or if continued derisking keeps BTC trapped in consolidation before its next decisive move.
Bitcoin Price Analysis: Consolidation Deepens After Rejection
Bitcoin continues to show signs of weakness after failing to reclaim the $117,500 resistance level — a key zone that has now acted as a rejection point multiple times over the past months. The daily chart shows BTC trading around $111,800, down roughly 3% in the last 24 hours, as volatility remains elevated following last week’s sharp correction.
The 50-day moving average (blue line) has started to flatten, signaling a potential short-term shift in momentum, while the 100-day MA (green line) is acting as dynamic support near $111,000. A decisive breakdown below this area could expose Bitcoin to a deeper correction toward the 200-day MA (red line), currently sitting around $106,000 — a level that has historically served as a strong accumulation zone.
On the upside, bulls must reclaim $117,500 to regain control and reestablish a bullish structure. However, the repeated failures to sustain above this range reflect growing indecision and possible profit-taking by institutions and long-term holders.
The market appears to be consolidating within a broad range, with traders awaiting confirmation of direction. A clean push above $117,500 would open the door for recovery, while a close below $110,000 could increase bearish momentum in the short term.
Featured image from ChatGPT, chart from TradingView.com
