Bitcoin (BTC) is experiencing a surge in buying activity from large holders, commonly referred to as whales, as they aggressively accumulate the cryptocurrency at record rates. Recent market data indicates that these investors are purchasing approximately three times more Bitcoin than what is being mined daily, raising expectations of a potential price breakout toward the coveted $100,000 mark.
According to data from Glassnode, Bitcoin investors holding between 100 and 1,000 BTC are currently absorbing over 300% of Bitcoin's annual supply issuance. This aggressive accumulation comes at a time when major crypto exchanges are facing consistent outflows, suggesting that more whales and shark holders are opting for long-term storage rather than engaging in quick trades. The trend of moving Bitcoin away from exchanges signals a growing confidence in the asset's long-term value.
Many large holders have continued to buy during periods of price correction, treating dips as opportunities to accumulate rather than reasons to exit the market. Onchain analyst Mignolet noted that this current behavior mirrors patterns observed during Bitcoin's previous bull run in 2020.
Market observations also reveal that Bitcoin is testing its 50-day and 200-day exponential moving averages (EMAs) as resistance, with these levels hovering around $85,500. If the price fails to break above these points, analysts warn it could face a pullback. Should Bitcoin lose the $85,500 level, the next key level to watch is the upper trendline of a wedge pattern, which is near $80,000.
The Bitcoin price has been in a correction phase for nearly three months, having peaked at over $100,000 at the start of the year before dropping by just over 25%. Despite this correction, activity in the spot market remains robust, with the Spot Cumulative Volume Delta (CVD) steadily rising, indicating that buyers are still active. Currently, the price has stabilized in a narrow range between $75,000 and $85,000, leading to speculation that accumulation is taking place behind the scenes. Historically, such calm periods have often preceded sudden and powerful price breakouts.
However, not all news is positive for Bitcoin. A rumor has emerged suggesting that China is dumping Bitcoin from its reserves, which analysts predict could lead to a price drop to $40,000. This potential downside risk comes amid an otherwise bullish sentiment among large investors, who are increasingly optimistic about Bitcoin's future.
Despite the macroeconomic challenges, Bitcoin's richest traders and investors are exhibiting strong bullish sentiment. The latest onchain data suggests that Bitcoin whales are absorbing BTC at record rates, with a notable preference for self-custody or long-term investment.
The absorption rate of Bitcoin by exchanges has plunged below -200%, indicating a significant shift in market dynamics. Larger holders, particularly those with 100 to 1,000 BTC, are scooping up more than three times the new issuance, marking the fastest rate of accumulation among sharks and whales in Bitcoin's history.
As of April 18, 2025, Bitcoin whales holding over 10,000 BTC are also in strong accumulation territory, with their Trend Accumulation Score at approximately 0.7, according to Glassnode. This score quantifies cohort behavior from distribution (0) to accumulation (1), suggesting confidence among the largest holders of Bitcoin. In contrast, smaller cohorts that had been distributing earlier in the year, such as those holding 10-100 BTC and 1-100 BTC, have seen their scores rise back to a neutral zone around 0.5, indicating a slowdown in sell-offs.
Bitcoin has recently broken out of a multi-month falling wedge pattern, signaling a potential bullish reversal that could drive its price toward the $100,000 mark by May 2025. Traders often measure the wedge's upside target by assessing its maximum height and adding the result to the breakout point, which, in this case, brings Bitcoin's target to over $101,570.
However, BTC's price is currently testing its 50-day and 200-day EMAs around $85,300 as resistance. A bearish rejection from these EMAs could push BTC's price toward the wedge's upper trendline near $80,000. Market analyst Scott Melker highlighted that the 200-day moving average remains a significant overhead resistance, and the horizontal level at $88,804 is a key barrier for flipping market structure and achieving a higher high.
As the crypto market evolves, the dynamics of supply and demand continue to shift, with large investors demonstrating a commitment to holding Bitcoin for the long term. This trend could potentially reshape the market landscape as traditional finance increasingly embraces cryptocurrencies, particularly in light of recent approvals for spot Bitcoin ETFs.
In conclusion, while Bitcoin's price faces potential headwinds from macroeconomic factors and rumors of large-scale selling, the aggressive accumulation by whales suggests a strong underlying belief in the cryptocurrency's future value. As the market navigates these complexities, all eyes will be on Bitcoin's ability to break through critical price levels and sustain its bullish momentum.
