Bitcoin holds at $78,456, giant whale transfers $614 million, BlackRock absorbs supply

Bitcoin held steady at US$78,456, while whales cashed in US$614 million. BlackRock absorbed supply.

Bitcoin remained at US$78,456 on Wednesday. Large-scale profit-taking was achieved, achieving a gain of US$614 million in a single day. Despite selling activity, the spot Bitcoin ETF continued to attract strong demand, recording a net inflow of US$314.37 million for the seventh consecutive day. Bitcoin's ability to hold firm above key levels highlights a dynamic shift in the market, with institutional demand absorbing large supply sold by whales.

Institutional buying offsets retail selling

The overall cryptocurrency market has entered a technical consolidation stage after continuing to rise, with a total market value of US$2.68 trillion. This sideways trading period reflects the balance between retail profit-taking and institutional buying activity.

SoValue data shows that spot Bitcoin ETF brings in a daily net inflow of US$314.37 million, indicating that institutional buyers remain optimistic. The spot Ethereum ETF also recorded a significant inflow of $179.8 million, driven mainly by BlackRock's ETHA fund.

The U.S. Treasury Department plans to increase the scale of treasury bond repurchase to US$4 billion per round of operations, while discussing the establishment of strategic bitcoin reserves, further supporting capital inflows. These trends highlight the continuing role of Wall Street as a major source of demand.

TradingView data shows that Bitcoin remained above $78,000 after testing the $80,000 mark and hitting a local high of $81,304. On the other hand, Ripple fell to US$1.41, a weekly decline of 7%, and major players took profits after a sharp 45% price increase.

CryptoQuant's on-chain indicators show signs of short-term overheating in the market. Bitcoin Whale achieved a profit of $614 million in 24 hours, pushing traders 'unrealized profit margins to a high of 20.5% since June 2025.

Inflows of BTC and XRP to exchanges increased simultaneously, indicating that long-term holders have begun to convert funds into cash in the context of rising liquidity.

Bullish sentiment and new forecasts

Despite local selling pressure, macro indicators have shifted in favor of buyers. CryptoQuant's Bull-Bear Market Cycle Indicator has entered the green early bull market area, echoing the situation before the rally kicked off in January 2023.

The cattle market score increased from 30 to 80 in one week, reaching its highest level since Bitcoin was traded around US$124,000 in October 2025.

Supported by favorable conditions, Bernstein analysts significantly raised their Bitcoin price forecast, predicting it to rise to US$150,000 by mid-2027 and further hit a peak of approximately US$300,000 in 2029. These forecasts take into account factors such as growing U.S. sovereign debt and the continued devaluation of fiat currencies.

Based on Bernstein's optimistic scenario, Bitcoin could reach $200,000 or $500,000 in the next few years, and could reach $1 million by 2033. The company did lower its target price for microstrategy stocks to $350, citing the accelerated pace of equity issuance, but its overall report pointed out that a new global market cycle has begun.

In the field of technical analysis, tools are constantly evolving to help traders adapt to rapid market fluctuations triggered by major news or regulatory changes. In a market where a single Fed decision or a sudden launch of altcoins can change everything in seconds, traders are reducing friction and consolidating information.

Ripple Network and RLUSD Growth

In the current whale allocation context, Ripple's fundamentals continue to provide support. Ripple Networks 'regulated RLUSD stablecoins are expanding, boosting network activity and helping offset distribution pressures. The total supply and market value of RLUSD is approaching US$2 billion, of which approximately US$1 billion is deployed directly on the XRP ledger. This stablecoin accounts for more than 90% of all stablecoin transactions online.

While short-term traders are taking profits in the US$1.41 to US$1.45 range, growing institutional liquidity on the XRP ledger suggests that demand based on use scenarios has begun to transcend performance-driven speculation at the retail level.

BlackRock and ETF migration

Major funds led by BlackRock are quietly absorbing the available supply of bitcoin, and their IBIT funds have exceeded US$5 billion through private placement in physical transactions. This mechanism allows large investors to transfer bitcoin directly from their personal wallets to the ETF balance sheet, continuing the original cost base of the asset and thereby avoiding capital gains taxes.

BlackRock's decision in July to reduce the minimum conversion threshold from $25 million to $1 million triggered a shift in the entire ETF ecosystem. In response, Bitwise also lowered its own limits in an effort to retain customer assets. BlackRock's head of digital assets attributed the move not only to tax advantages, but also to heightened security concerns as investors seek regulated custody services amid an increase in cyber attacks and physical threats.

Asset consolidation under institutional funds has affected exchange supply, with Bitcoin remaining at around US$78,456 after challenging local highs, IBIT trading at US$44.72, and BlackRock has accumulated a large whale position. The Ethereum ETHA Fund inflows of US$131.94 million on the day, supporting a strong rebound in ETH prices to US$18.60, while Solana rose above US$100 after trading volume hit a record high.

The latest macroeconomic data from the United States has intensified local market fluctuations. The annual core PCE reading was in line with expectations at 3.3%, and GDP growth stabilized at 1.5%. However, the overall PCE inflation rate rose to 3.7%, exceeding expectations, and the GDP deflator recorded 6.4%. These inflationary pressures limited spot buying ahead of Kevin Walsh's speech on Friday, even as the structural focus of the digital asset industry has shifted further towards long-term institutional investment.

The current landscape reflects a transition period: Wall Street funds increase their share in the crypto market, regulated stablecoins provide basic support, and the adoption of cryptocurrencies is advancing against the backdrop of tightening global liquidity.