Bitcoin Whales Are Back—Could This Be the Catalyst for the Next Rally?

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.

Despite this downward trend, new on-chain data suggests that a surge of high-net-worth investors, or «new whales,» has been accumulating BTC aggressively, which could have significant implications for the market’s trajectory.

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, with these new whales amassing over 1 million BTC in total and adding more than 200,000 BTC just this month alone.

New Whales Drive Market Accumulation

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

The data further reveals that the majority of these newly acquired holdings are being retained for short periods (less than six months), reinforcing the idea 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.

Is Bitcoin Demand Weakening?

While whale accumulation suggests strong long-term conviction, another CryptoQuant analyst, BilalHuseynov, has pointed out potential concerns about 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. However, following the March peak, a significant decline in demand has been observed.

BilalHuseynov compared the current trend to previous market cycles, specifically the 2017-2018 period, when momentum peaks were followed by price fluctuations and a gradual decline in demand.

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

Feature image created with DALL-E, Chart from TradingView