Bitcoin’s price action is heating up as major holders—known as whales—begin absorbing BTC supply at a pace far beyond the rate of new coin issuance. Despite global economic uncertainties, their aggressive accumulation suggests growing confidence in Bitcoin’s future.
Whales Soak Up 3x the New Bitcoin Supply
Recent on-chain data from Glassnode shows that large Bitcoin holders, those owning between 100 and 1,000 BTC, are now purchasing over 300% of the newly mined BTC. At the same time, crypto exchanges are experiencing a historic drop in BTC balances, indicating a strong shift toward long-term holding and self-custody.
This behavior points to a significant structural change: institutions and big investors are embracing Bitcoin more than ever—especially following the approval of spot Bitcoin ETFs last year. With fewer coins circulating on exchanges, market pressure leans heavily toward the upside.
Accumulation Trend Among Top Holders
Glassnode’s accumulation trend score reveals that wallets holding over 10,000 BTC continue to buy more aggressively, scoring around 0.7 (on a scale where 1 indicates strong accumulation). Meanwhile, smaller cohorts that had been selling earlier are now stabilizing, with their accumulation score returning to a neutral 0.5.
According to analyst Mignolet, this behavior mirrors the lead-up to the 2020 Bitcoin bull run, hinting at a possible repeat of history.
Technical Pattern Signals $100K Target
Technically, Bitcoin has broken out of a falling wedge pattern—a bullish formation that typically leads to an upward breakout. Based on this pattern’s measured move, the target price could be in the range of $100,000, potentially by May.
However, BTC is currently facing resistance around its 50-day and 200-day exponential moving averages near $85,300. A clean breakout above this level could validate the bullish target. Market analyst Scott Melker noted, “The 200-day moving average remains a key barrier. Bulls need to push with strength to flip market structure and secure a higher high.”
Outlook: Bullish, But Cautious Optimism
Although whales are confidently stacking sats, technical resistance and macroeconomic factors still warrant caution. The combination of low exchange supply, high institutional interest, and bullish chart patterns, however, paints a promising picture for Bitcoin’s trajectory in the months ahead.
