Bitcoin breaks through $96,000, what does it mean when corporate treasuries and whales act simultaneously

Bitcoin has increased by 4.52% in the past 24 hours, currently trading at $95,232.60, with a high of $96,011.62. Behind this seemingly normal rally, an important shift in market structure is hidden. From continuous accumulation in spot ETFs, to corporate treasury expansion, to large whale purchases on-chain, multiple factors are simultaneously activating, driving this wave of market movement toward a deeper level.

Multiple Supporting Factors Resonating

Spot ETF Becomes Core Buying Force

According to the latest news, since the launch of Bitcoin spot ETFs in January 2024, their cumulative purchase volume has exceeded 100% of Bitcoin’s new supply. Currently, ETF demand is mainly met by existing holders selling, but this balance is being disrupted. As selling pressure from willing sellers gradually depletes, if ETF demand continues, Bitcoin could face a breakout rally. This logic references the historical evolution of gold—after central bank purchases doubled in 2022, initial reactions were slow, but after sellers exhausted in 2025, a 65% surge occurred. Bitcoin is expected to replicate this trajectory.

Corporate Treasury Expansion Creates Institutional Demand

Corporate Bitcoin treasury building is accelerating. According to related information, MicroStrategy(MSTR) is advancing plans to expand holdings to at least 43,500 BTC; BitMine Immersion Technologies(BMNR) added about 32,977 ETH last week; Bit Digital(BTBT) purchased 31,057 ETH through convertible notes. These ongoing corporate layouts indicate that institutional allocation to digital assets has shifted from experimental to strategic.

On-Chain Whales Continue Buying

On-chain data shows that a whale from the Satoshi era has just purchased 26,900 BTC, worth about $2.4 billion. Such large purchases are often important market sentiment indicators. The continuous accumulation by whales suggests market participants are optimistic about the future.

Technical Confirmation of Breakout Momentum

Key Levels Activate Short Liquidations

After Bitcoin broke through the key resistance at $96,000, the pressure for short liquidations increased significantly. If BTC continues to break through $97,497, the total short liquidation on major exchanges will reach $1.329 billion; if it breaks $100,105, the short liquidation will reach $815 million. In contrast, downside risk is relatively controlled—if it falls below $88,873, long liquidations are only $2.334 billion. This asymmetric liquidation structure indicates lower risk for an upward breakout.

Market Sentiment Turns Positive

The crypto fear index has sharply rebounded from 26 the day before yesterday to 48, shifting market sentiment from “fear” to “neutral.” This change usually signals increased bullish momentum. Meanwhile, technical indicators show Bitcoin’s trend is mirroring the bull market path of 2020-2021, transitioning from a long consolidation phase into the early stage of a “quasi-parabolic” rally.

Future Outlook: Over 50% Price Increase Target

According to the latest analysis, Bitcoin’s 52-week correlation with gold has dropped to zero, a first since mid-2022. Historical data shows that in similar divergence scenarios, Bitcoin typically rises by an average of 56% within about two months, corresponding to a price range of approximately $144,000 to $150,000.

The current macro environment is bullish, with factors stacking up—global liquidity rebounding (accelerated M2 growth) and the Federal Reserve’s quantitative tightening nearing its end, signaling a new round of global monetary easing has begun. This is expected to sustain Bitcoin’s upward trend through 2026.

In terms of short-term technical targets, if Bitcoin breaks through the $94,000 level, it could quickly rise to around $106,000. The $95,000 mark becomes a key confirmation level—market needs to hold above this price to confirm continued upward movement.

Summary

Bitcoin’s recent rally is not an isolated event but the result of multiple factors resonating. Continuous accumulation in spot ETFs, strategic expansion of corporate treasuries, and large whale purchases all point in the same direction—institutions and major players are confident about Bitcoin’s future. Technical breakthroughs and market sentiment turning positive further reinforce this view. From the logic of supply exhaustion to the macro environment of abundant liquidity, Bitcoin is poised to continue climbing. Of course, market volatility always exists, but the current support structure is relatively complete, and the upward potential remains manageable.