New Whales Are Aggressively Accumulating Bitcoin (BTC), Setting the Stage for a New Bullish Run?

Bitcoin (BTC) continues to trade below the psychological $90,000 level, with its price standing at $82,346.

Bitcoin (BTC) trades below the psychological $90,000 level, with its price at $82,346 after a 24.3% drop from the all-time high above $109,000 in January.

But new on-chain data suggests a surge of high-net-worth investors, or “new whales,” who have been accumulating BTC aggressively.

According to CryptoQuant analyst onchained, a distinct group of Bitcoin holders with at least 1,000 BTC—acquired within the past six months—has been actively accumulating.

This trend, which started in November 2024, has accelerated significantly in recent weeks.

These "new whales" have now amassed over 1 million BTC in total and added more than 200,000 BTC this month alone.

This unprecedented accumulation trend suggests strong confidence in Bitcoin’s long-term outlook. The rapid expansion of new whale holdings indicates that institutional investors or high-net-worth individuals are increasing their exposure to Bitcoin.

Moreover, the majority of these newly acquired holdings are being retained for short periods (less than six months). This aligns with the observation that investors see value at current price levels and are willing to hold despite market fluctuations.

If this accumulation trend continues, 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.

"Since November 2024, these wallets have collectively acquired over 1 million BTC… Their accumulation pace has accelerated notably in recent weeks, accumulating more than 202,000 BTC just this month." - By @0nchained pic.twitter.com/jVsFPjY8WA

— CryptoQuant.com (@cryptoquant_com) March 18, 2025

Is Bitcoin Demand Weakening?

Another CryptoQuant analyst, BilalHuseynov, pointed out potential concerns about Bitcoin’s demand momentum.

His analysis shows that Bitcoin saw peaks in demand in both March and December 2024. This marks 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. During that cycle, momentum peaks were followed by price fluctuations and a gradual decrease in demand.

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 have implications for price movements in the near term.