Over the past few weeks, Bitcoin (BTC), the leading cryptocurrency by market capitalization, has experienced major price drawbacks. It fell from about $99,000 to $77,000.
Despite this price slump, the whales have increased their BTC stash by accumulating a large amount of apex crypto assets. On-chain data from blockchain analytics platform Cryptoquant shows that these highnet owners have purchased over 200,000 BTC this month alone.
Bitcoin Zilla purchased over 200k BTC
The encrypted report focused on high-net Bitcoin holders with addresses of less than six months and a minimum of 1,000 BTC. These entities could include deeply burdened individuals and institutions.
Since November 2024, these whale wallets have purchased over 1 million BTC. The fact that these new whales have accumulated this much of BTC within a few months shows a bullish attitude towards major crypto assets at the recent price level.
The emergence of Donald Trump as President of the United States is a key catalyst that is likely to have encouraged these whales to show interest in major cryptocurrencies. Remember that Trump’s election victory was also announced in November 2024. Since his inauguration, the US President has proven to be true to his campaign promises to bring Bitcoin to the forefront of the country.
Fresh capital inflows into BTC could set strong levels of support for key crypto assets if they rise above the current level to new heights. Cryptoquant analysts believe Bitcoin could reach an all-time high of $109,100, and could rise above that if the ongoing accumulation trend continues.
Aside from these whales, other long-term Bitcoin holders continue to accumulate BTC. Some include Strategy (formerly MicroStrategies), Metaplanet and El Salvador.
Bull or bearish moves?
The ongoing BTC accumulation trend may seem bullish for Apex Crypto Asset and the broader market, but IntotheBlock’s on-chain data has stated otherwise.
The Blockchain Analytics Platform is a practice that occurs in the bare market, with an increase in BTC acquisitions from long-term holders. Although we note that this signal is not always reliable, Intotheblock suggests that users are considering the possibility of bearish emotions.
Other market experts, such as the founder of Cryptoquant, have also suggested that the bull cycle may be over. Meanwhile, BTC sold for $83,500 at the time of writing.
