New Whales Have Been Accumulating Bitcoin (BTC) Aggressively, Suggesting Strong Confidence

Bitcoin (BTC) continues to trade below the psychological $90,000 level, with its price standing at $82,346. This marks a 24.3% drop from its all-time high above $109,000 recorded in January.

Bitcoin (BTC) price hovers below the key $90,000 psychological level, with its latest price standing at $82,346. This marks a 24.3% drop from its all-time high above $109,000, which was reached in January.

However, despite this downward trend, new on-chain data suggests that a surge of high-net-worth investors, or "new whales," has been aggressively accumulating BTC in recent months, which could have major implications for the crypto's trajectory.

According to CryptoQuant analyst onchained, there has been a distinct group of Bitcoin holders, each holding at least 1,000 BTC and with new coins acquired within the past six months, who have been diligently accumulating.

This trend, which began in November 2024, has accelerated drastically in recent weeks. These new whales have now amassed over 1 million BTC in total and added more than 200,000 BTC just this month.

"It's truly remarkable. We've never witnessed anything like it in previous bull markets. Usually, in a bull market, a new group of whales emerges gradually over a period of 6-12 months. However, this time it's been exceptionally swift," remarked the analyst.

Unprecedented Accumulation Trend

Onchained further highlighted that this unprecedented accumulation trend speaks volumes about the deep-seated confidence these investors have in Bitcoin’s long-term outlook.

The rapid expansion of new whale holdings suggests that either institutional investors or high-net-worth individuals are significantly increasing their exposure to Bitcoin.

The analyst noted that the majority of these newly acquired holdings are being retained for short periods of time (less than six months), which aligns with the current market narrative.

It suggests that investors see value at present price levels and are prepared to hold despite market fluctuations.

If this accumulation trend persists, it could serve as a strong support mechanism for Bitcoin’s price in the coming months. Onchained also speculated that Bitcoin could revisit its all-time high and potentially break beyond it, mentioning possible price targets of $150,000 or even $160,000.

However, market conditions, liquidity, and investor sentiment will play a crucial role in determining the sustainability of this trend.

Is Bitcoin Demand Weakening?

While whale accumulation suggests strong long-term conviction, another CryptoQuant analyst, BilalHuseynov, has spotted potential concerns over Bitcoin’s demand momentum.

His analysis shows that Bitcoin saw peaks in demand in both March and December 2024, marking the first time two demand peaks have occurred in close succession. But following the March peak, a significant decline in demand is evident.

Huseynov compared this trend to previous market cycles, particularly the 2017-2018 period, when momentum peaks were followed by price fluctuations and a gradual decrease in demand.

He noted that while factors such as market size, trading volume, and liquidity have changed drastically since then, the current trend suggests that Bitcoin’s demand may be softening, which could impact price movements more in the near term.