On-chain data reveals a significant surge in accumulation by Bitcoin's largest investors, with their collective holdings climbing to a two-month peak. According to analytics firm Santiment, the combined supply held by entities owning between 1,000 and 10,000 BTC—a cohort known as 'whales'—has risen to 4.25 million BTC, its highest level since mid-February.
The trend marks a sharp reversal from earlier distribution. After bottoming in mid-March, whale supply began an upward climb that accelerated dramatically over the weekend of April 12-13. On Sunday alone, these large wallets purchased 27,652 BTC, worth over $2 billion at the time. This aggressive buying has coincided with Bitcoin's price rally back toward the $75,000 level, suggesting whale accumulation provided fuel for the surge.
Santiment cautions that while the recent behavior is bullish, whale sentiment can flip quickly. In February, a similar accumulation phase was swiftly followed by distribution, pushing their supply lower than where it started. The firm also highlighted parallel bullish activity in Ethereum, noting an increase in wallets holding at least 100,000 ETH (worth about $238.4 million), with their count rising from 54 to 57 in the past week.
In a separate but related development, a long-dormant Bitcoin address reactivated after approximately 14 years of inactivity. On-chain analyst ai_9684xtpa reported that this 'whale' address transferred 500 BTC (worth roughly $37 million) to a new wallet, leaving a balance of 2,359 BTC. While the exact purpose of the transfer is unclear, such movements from old, high-balance addresses are closely watched by the market, often sparking speculation about potential sales or portfolio restructuring.
At the time of reporting, Bitcoin was trading around $74,500, reflecting an 8% gain over the past week. Analysts emphasize that while individual large transfers can create short-term psychological pressure, they are rarely sufficient alone to dictate price direction. However, the collective trend of increasing whale holdings is viewed as a strong signal of investor confidence and a key factor in current market dynamics.
