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On-chain data suggests that Bitcoin (BTC) whales – cryptocurrency wallets holding significant BTC amounts – have resumed accumulation after a brief period of dormancy.
Bitcoin Accumulation Rises Among Whales
In an X post published today, seasoned crypto analyst Ali Martinez highlighted a notable increase in BTC whale activity. He shared the following chart showing that 48 new wallets now hold 100 or more BTC.
A surge in whale accumulation often signals rising confidence in Bitcoin’s long-term value. The leading digital asset has climbed over 15% from its March 10 low of approximately $76,600. As of writing, BTC is trading in the high $80,000s.
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Renewed optimism around BTC’s price trajectory stems from several recent macroeconomic developments, including cooler than expected Consumer Price Index (CPI) inflation data for February and reports of US President Donald Trump adopting a softer stance on retaliatory tariffs scheduled to go into effect from April 2.
On-chain intelligence firm Arkham reported long-dormant BTC whales becoming active again. In an X post, the firm highlighted how a wallet that held $3 million worth of BTC in 2017, recently became active after 8 years, with its holdings now valued at close to $250 million.
Fellow crypto analyst Crypto Rover shared the following chart, illustrating a sharp rise in whale accumulation since late 2024. It is worth noting that the data excludes wallets tied to non-US exchanges and US Spot Bitcoin exchange-traded funds (ETFs).
Is BTC Eyeing A New Record High?
Several crypto analysts believe BTC may have already bottomed out this cycle and entered a new bullish phase, potentially setting the stage for a fresh all-time high (ATH).
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Noted crypto entrepreneur and former BitMEX CEO Arthur Hayes recently suggested that BTC ‘probably’ hit this cycle’s bottom during the March 10 dip to $76,600. Hayes added that while bottom may be in for BTC, stocks could still face further downside.
Momentum indicators – such as the Relative Strength Index (RSI) – also appear bullish. Bitcoin’s daily RSI recently broke out of a multi-month downtrend, fuelling hopes of sustained upward momentum.
Additionally, Martinez projected that BTC could surge to $112,000 if it decisively breaks the $94,000 resistance level. However, a drop below $76,000 could open the door to a deeper decline, potentially falling to $58,000.
Moreover, in their latest investor memo, digital asset management firm Bitwise hinted that on a risk-adjusted basis, now could be an opportune time to buy BTC. As of press time, BTC is trading at $88,069, up 1% in the last 24 hours.
Featured image from Unsplash, charts from X and TradingView.com
