Bitcoin Whale Wallets Surge 231 in 10 Days as Price Hits $104,000

In 2025, the cryptocurrency landscape witnessed a significant shift as Bitcoin whale wallets, defined as those holding 10 or more BTC, surged to record levels. This accumulation trend was marked by a notable increase in the number of large wallets, with a rise of 231 wallets in just 10 days. This surge in whale activity coincided with a period of relative stability in the Bitcoin price, which briefly surpassed the $104,000 level.

The accumulation of Bitcoin by large holders is a critical indicator of market sentiment and potential future price movements. Historically, when large wallets accumulate Bitcoin, it often signals a bullish momentum returning to the crypto markets. This trend is particularly significant as it contrasts with the decline in smaller wallets, which decreased by 0.15% over the same period. This dynamic suggests a shift in market confidence, with larger investors positioning themselves for potential future gains.

The surge in whale wallets can be attributed to several factors, including the overall market sentiment and the strategic moves by institutional investors. The market sentiment, as indicated by the Crypto Fear & Greed Index, flipped from "Greed" to "Neutral," reflecting a cautious yet optimistic outlook among investors. This sentiment shift, coupled with the accumulation by large holders, indicates a strategic positioning rather than a speculative frenzy.

According to a post by CW, whales have been accumulating Bitcoin “at a tremendous rate” since May 2025, accelerating their pace notably. The total BTC held by wallets active in the last 24 hours has exceeded 1.68 million BTC, indicating persistent accumulation. Wallets active in the 1–7 day window hold over 800,000 BTC, while those in the 7–30 day range retain nearly 500,000 BTC. The increase in blue-shaded regions on whale tracking charts suggests intensified short-term activity, especially since late 2023. During this accumulation phase, Bitcoin’s price has surged from around $10,000 in 2020 to over $100,000 in mid-2025. Whale wallets have added over 1 million BTC during that period, with the supply increasingly concentrated in fewer, high-value addresses.

This pattern points to consistent positioning through both rallies and corrections, with whales frequently buying into dips. Notably, the 0–1 day wallet activity category shows the most rapid growth, revealing an aggressive short-term engagement from high-net-worth entities. These active supply metrics reflect broader expectations for a continued upward trajectory in the long-term price outlook.

Bitcoin’s historical price performance from 2011 to 2025 continues to mirror its cyclical structure, with bullish years followed by steep corrections. In a post by LLuciano_BTC, the analyst emphasized how 2025 aligns with Bitcoin’s typical third-year cycle behavior, potentially setting the stage for a 120% rally. Realized Cap metrics have also hit fresh highs this year, indicating a strong underlying value basis.

The visual breakdown of annual returns shows that Bitcoin gained 156.4% in 2012, then surged 5,582.6% in 2013. Later peaks in 2017 (+1,287.4%) and 2020 (+291.1%) followed similar buildup phases involving whale activity and retail consolidation. In contrast, sharp corrections like the −72.2% drop in 2018 and −64.0% in 2022 marked the end of overheated runs.

While 2023 and 2024 recorded respective gains of 156.9% and 118.7%, Bitcoin's performance in 2025 has moderated to 12.5%. Yet, the whale buying behavior combined with a shrinking wallet supply supports the idea of delayed upside. The last time this pattern emerged, Bitcoin doubled in less than six months during 2020.

The combination of on-chain metrics, cyclical historical trends, and sustained whale engagement creates a notable inflection point in the current cycle. As of June 2025, whale-controlled supply remains active and continues rising, particularly in the 0–1 day category. Bitcoin’s current market value stands at $104,282, with whale activity expected to play a defining role in upcoming price action.