Bitcoin is currently experiencing a notable decline, down approximately 5.8% from its record high achieved last month. As of now, the cryptocurrency is trading at $105,062, reflecting a daily decrease of about 1.1%, according to CoinMarketCap data. Despite this price adjustment, on-chain data reveals a significant shift in the behavior of major investors, commonly referred to as “ Bitcoin whales.”
Recent analyses indicate that a new wave of Bitcoin wallets holding 1,000 BTC or more, particularly those with coins acquired within the past six months, are rapidly accumulating the asset. Between March 1 and June 4, 2025, the quantity held by these new whales more than doubled, climbing from around 500,000 BTC to over 1.1 million BTC. This increase has an approximate value of $63 billion and marks a substantial rise in this segment’s share of the total Bitcoin supply — from 2.5% to 5.6%.
This accumulation trend effectively removes nearly ten months’ worth of Bitcoin mining output from circulation. Moreover, by excluding long-dormant wallets, the data indicates a clear influx of recent capital into the market. This behavior signals a blend of long-term investment strategies and active supply absorption, historically linked to significant price fluctuations.
When it comes to technical analysis, Bitcoin may be on the verge of a bullish breakout. Analysts observe that the cryptocurrency has emerged from a right-angled descending broadening wedge pattern, a structure often associated with potential trend reversals or continuations. Should Bitcoin maintain its position above this breakout level, predictions indicate that a target of $135,000 could be feasible by the end of this year. This outlook reinforces the strategy of positioning ahead of anticipated macroeconomic shifts, further drawing interest in the asset.
