Bitcoin Whales Accumulating Billions Daily: Potential Bull Run on the Horizon?
The cryptocurrency market is witnessing a significant influx of capital into Bitcoin ($BTC) from whale wallets, with approximately $1 billion worth of BTC being added daily, according to data from the cryptocurrency’s blockchain.
Cryptocurrency analytics firm CryptoQuant’s CEO, Ki Young Ju, revealed on the microblogging platform X (formerly known as Twitter) that this robust accumulation suggests the funds are likely being held in custody. He also drew a parallel between Bitcoin’s current behavior and the market activity seen in mid-2020, prior to the bull run that occurred in 2021. During that period, Bitcoin’s price remained relatively stable, but there was high on-chain activity, particularly in over-the-counter (OTC) transactions involving institutional players.
Despite Bitcoin’s price remaining stagnant in recent months, the realized cap for new whales, which reflects the total value at which large investors acquire Bitcoin, has experienced significant growth.
This current trend, reminiscent of Bitcoin’s on-chain activity in 2020, could potentially lead to a repeat of the subsequent bull run that took the price to record highs in 2021. Analysts speculate that Bitcoin is approaching its final resistance point at $69,000 before potentially making new advances.
Additionally, a cryptocurrency analyst has suggested that Bitcoin’s price could surge to $156,000 by May 2025 based on historical BTC price action following the halving events. Bitcoin halving occurs when the reward miners receive per block found is halved, reducing the new supply entering the market. Historical data indicates that Bitcoin’s price experienced significant increases following previous halvings, with an 8,300% surge after the first halving in 2012, a 288% increase after the second halving in 2016, and a 540% surge after the halving in 2020.
Considering these factors, the analyst predicts that Bitcoin’s price could potentially skyrocket by 127% from its level at the halving, reaching anywhere from $115,000 to $156,000.
It remains to be seen whether these accumulation patterns and historical trends will indeed lead to another bull run for Bitcoin, but the current activity among Bitcoin whales is certainly noteworthy.
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