Bitcoin Whales Resume Accumulation, Price Surges 15%

On-chain data indicates that Bitcoin (BTC) whales, which are cryptocurrency wallets holding substantial amounts of BTC, have resumed their accumulation activities after a brief period of inactivity. This renewed activity suggests a growing confidence in Bitcoin's long-term value, as the leading digital asset has climbed over 15% from its March 10 low of approximately $76,600. As of the latest reports, BTC is trading in the high $80,000s.

Seasoned crypto analyst Ali Martinez highlighted a notable increase in BTC whale activity in a recent post. The data shows that 48 new wallets now hold 100 or more BTC, indicating a surge in whale accumulation. This trend 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 the latest reports, BTC is trading in the high $80,000s.

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 a softer stance on retaliatory tariffs scheduled to go into effect from April 2. On-chain intelligence firm Arkham reported that long-dormant BTC whales have become active again. 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.

Crypto analyst Crypto Rover shared data illustrating a sharp rise in whale accumulation since late 2024. The data excludes wallets tied to non-US exchanges and US Spot Bitcoin exchange-traded funds (ETFs). 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).

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 the 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, fueling 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 the latest reports, BTC is trading at $88,069, up 1% in the last 24 hours.