On-chain data reveals a significant milestone for Bitcoin, as the number of addresses holding more than 100 BTC has surged to a new all-time high. This accumulation by large holders, or 'whales,' is occurring even as Bitcoin's price action remains relatively muted, consolidating near the $90,000 level.
The data, highlighted by Bitcoin Magazine, shows a steady expansion in high-balance wallets over recent months. This trend suggests long-term positioning and conviction among major investors, rather than short-term speculative trading. Historically, sustained whale accumulation during sideways price action has often preceded shifts in market structure, indicating expectations of higher prices over a longer horizon.
Contrasting this accumulation, other reports note that certain whale cohorts have reduced their exposure by roughly 220,000 BTC over the past year, which could signal a reallocation rather than a distribution phase. Concurrently, the network's hashrate growth has stalled as Bitcoin trades below the estimated miners' breakeven cost of $95,000-$96,000.
A critical development highlighted by Fidelity Digital Assets is Bitcoin's 1-year realized volatility falling to an all-time low of 42%. Historically, such volatility bottoms, as seen in 2016 and 2023, have been followed by the price setting a new all-time high, though this can be preceded by months of consolidation.
Analysis from CryptoQuant Insights shows long-term whale and miner cost bases remain supportive, with realized prices at $39.6k and $58.6k respectively. However, new whales—holders with coins aged less than 155 days—have a realized price around $99,000, which could create a supply zone and potential selling pressure if Bitcoin approaches that level.
