Bitcoin Whales Accumulate 20,000 BTC Amid BlackRock's $480.62 Million Purchase

Bitcoin whales have bought over 20,000 BTC in two days, with analysts predicting a new all-time high. BlackRock has also purchased $480.62 million in BTC, increasing its holdings to 663,773 Bitcoin, worth $71.27 billion. This follows last week's spot Bitcoin ETF inflows of over $300 million per day.

Bitcoin whales have been actively buying over 20,000 BTC in two days, according to recent on-chain data. This significant accumulation comes amidst a backdrop of bullish indicators, including BlackRock's recent purchase of $480.62 million in BTC, which has boosted its holdings to 663,773 Bitcoin, now worth $71.27 billion. This acquisition follows last week's spot Bitcoin ETF inflows of over $300 million per day, suggesting a continued surge in institutional interest in the cryptocurrency [3].

The recent buying spree by whales, entities holding 10,000 BTC or more, is a notable shift from their previous behavior. Previously, these large holders had been transitioning from accumulation to distribution, with a decrease in their Glassnode's Accumulation Trend Score [1]. However, the current buying activity indicates a potential change in sentiment, potentially driven by a desire to lock in profits near historic highs or a more cautious outlook on short-term price direction.

BlackRock's substantial investment in BTC underscores the growing acceptance of cryptocurrencies by major financial institutions. The purchase aligns with BlackRock's broader strategy of diversifying its investment portfolio to include alternative assets. This move is part of a broader trend where institutional investors are increasingly turning to Bitcoin as a potential safe haven asset, particularly in light of geopolitical uncertainties and economic instability [3].

The recent surge in Bitcoin's price, hitting a new all-time high, has also been fueled by strong inflows into spot Bitcoin ETFs. In May alone, more than $1.5 billion flowed into these ETFs, following Bitcoin's new all-time high of $112,000. This influx of capital suggests that investors are optimistic about the long-term prospects of Bitcoin, viewing it as a potential hedge against market volatility [4].

However, despite the bullish signals, the market remains cautious. Some analysts caution that Bitcoin could be overvalued, pointing to the high levels of hoarding and the potential for a price correction. The one price target often mentioned is $70,000, which was the price Bitcoin was trading at on Election Day 2024 and the previous all-time high after the market frenzy of 2021 [4].

Prediction markets also offer insights into the market's expectations. On platforms like Kalshi, participants have a 78% chance of Bitcoin hitting $125,000 in 2025, a 43% chance of hitting $150,000, and a 16% chance of hitting $200,000. However, there is less appetite for predicting a significant decline, with only a 22% chance of Bitcoin falling below $70,000 [4].

In conclusion, the recent buying activity by Bitcoin whales, BlackRock's substantial investment, and strong ETF inflows suggest a bullish sentiment in the market. However, the market's cautious outlook and potential overvaluation warnings indicate that investors should remain vigilant and consider a diversified approach to their portfolios.

References:
[1] https://www.coindesk.com/markets/2025/05/29/bitcoin-whales-seem-to-be-calling-a-top-as-btc-price-consolidates
[2] https://coinmarketcap.com/community/articles/683074c0cb6535455d62a07c/
[3] https://coinmarketcap.com/academy/article/mara-holdings-announces-dollar2-billion-stock-offering-to-expand-bitcoin-holdings
[4] https://www.theglobeandmail.com/investing/markets/markets-news/Motley%20Fool/32642212/is-bitcoin-about-to-soar-or-crash/