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Bitcoin has reached a 7-year milestone in whale wallet holdings, coinciding with its price testing $105,000:

- Whale accumulation: Addresses holding 100+ BTC surged to 17,799, the second-highest level since December 2017.
- Cost basis distribution: Long-term holders maintain significant unrealized profits, while short-term holders face unrealized losses.
- Technical foundation: Bitcoin's price action maintains bullish momentum, with the 50-day MA providing dynamic support above the 200-day MA.
- On-chain metric: SOPR levels indicate modest profits, and exchange netflow patterns suggest controlled accumulation.
- Market structure: Bitcoin's market structure remains robust, with strengthening market fundamentals and strategic positioning by large players.