Bitcoin whales have significantly increased their holdings since late March 2025, accumulating a total of 218,570 BTC, according to blockchain analytics firm Santiment [3]. This accumulation has pushed their control over the circulating Bitcoin supply to 68.44%, reflecting a 4-month high in whale activity [3]. The primary actors in this accumulation are wallets holding between 10 and 10,000 BTC, often referred to as whales and sharks [3]. This trend indicates a strategic and disciplined buying pattern, suggesting long-term optimism in the market [3].
The accumulation coincides with a broader period of regulatory clarity and infrastructure development in the cryptocurrency space, reinforcing Bitcoin’s recognition as a legitimate financial asset [2]. Despite this, the price of Bitcoin has remained relatively range-bound, hovering around $118,000 to $120,000 for 16 days [2]. This consolidation phase aligns with historical patterns where whale accumulation has often preceded significant bull runs [3]. Long-term holders absorbing supply contribute to market stability and may lay the groundwork for future price surges.
However, whale behavior has shown some divergence. Some large holders have executed massive transactions, including a $9 billion Bitcoin movement, which analysts interpret as profit-taking [5]. Others have shifted capital from Bitcoin into Ethereum, signaling a more cautious approach amid market volatility [6]. This split in whale strategies is typical of late bull market dynamics, where some investors secure gains while others continue to accumulate in anticipation of further price appreciation [8].
Retail investors have taken a different path, with many small holders selling their Bitcoin after the late-2024 peak. This behavior is common during market rallies as retail traders often exit to avoid risks associated with price corrections [1]. The exit of retail investors has coincided with broader market uncertainty, as the cryptocurrency sector experienced a 3.8% decline in a recent week, with whale activity cited as a contributing factor [7]. Bitcoin’s extended consolidation in a $116,000–$120,000 range highlights the ongoing tug-of-war between bullish accumulation and profit-taking pressures [2].
The mixed signals from whale activity have complicated the investment landscape. While some analysts view the accumulation as historically bullish and indicative of prior major price surges, others highlight that the current split in whale strategies introduces uncertainty [7]. Retail investors have responded accordingly—some doubling down on Bitcoin, while others are entirely exiting the market [9]. Despite these conflicting signals, the long-term outlook for Bitcoin remains positive, supported by growing institutional interest, ETF approvals, corporate treasury allocations, and increasing on-chain activity [9].
Maksim Balashevich, CEO and founder of Santiment, notes that the whale accumulation is driven largely by institutional interests through ETFs and custodial channels. However, there have been no major public firm-level purchase disclosures to date [3]. This suggests that while institutional involvement is growing, much of the whale activity remains opaque or indirect.
The consolidation by Bitcoin whales signals a potential supply squeeze, especially when viewed through the lens of historical patterns [3]. Long-term optimism persists as holders anticipate shifts in market momentum and potential future rallies. As the crypto market continues to mature, investors who accumulate during periods of uncertainty may find themselves well-positioned when the broader market turns bullish again [9].
Source:
[1] Whales Divide Paths: Crypto Market Sheds 3.8% as Some Invest Billions, Others Exit (https://www.vtrader.io/news/whales-divide-paths-crypto-market-sheds-38-as-some-invest-billions-others-exit/)
[2] Bitcoin Price Forecast: BTC Extends Consolidation as Whale Buying, Regulatory Clarity Boost Sentiment (https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-forecast-btc-extends-consolidation-as-whale-buying-regulatory-clarity-boost-sentiment-202507311109)
[3] Bitcoin Whales Accumulated 218,570 BTC in 4 Months (https://www.coinspeaker.com/bitcoin-whales-accumulated-218570-btc-4-months/)
[5] $9 billion whale falls silently: The shift in Bitcoin’s old and new capital behind the 220,000-fold profit exit (https://www.panewslab.com/en/articles/zj2oj47f)
[6] Ethereum Whale Wallets Surge as Bitcoin Whales Reduce Holdings (https://cryptomus.com/blog/ethereum-whale-wallets-surge-as-bitcoin-whales-reduce-holdings-news?srsltid=AfmBOopDT_bDwH-CaSHfxSZfbyTUxePLglMAtT36p1Odo0s_vJiMf0MP)
[7] Bitcoin Whales and Sharks Accumulate 218570 BTC Since … (https://blockchain.news/flashnews/bitcoin-whales-and-sharks-accumulate-218-570-btc-since-march-2025-key-supply-impact-analysis)
[8] Bitcoin Whales Accumulate 0.9% Supply Amid Retail Sell- … (https://www.ainvest.com/news/bitcoin-news-today-bitcoin-whales-accumulate-0-9-supply-retail-sell-market-volatility-2507/)
[9] VINE Risks a 50% Drop Despite Whales Buying the Dip (https://www.mitrade.com/insights/news/live-news/article-3-998682-20250731)
