Bitcoin Whales Accumulate 2025 High, Sentiment Turns Bullish

Bitcoin has experienced a notable shift in market sentiment, with the Bitcoin Sentiment Vote-Up or Down metric turning green for the first time in four months. This change indicates that the majority of participants are now optimistic about Bitcoin's price trajectory, suggesting a bullish outlook and a shift in crowd psychology.

This sentiment shift is particularly pronounced among large holders, known as "whales." At the start of 2025, there were 2,054 wallets holding over 1,000 BTC, a number that dipped to 2,038 amid rising uncertainty. However, over the past few days, whales have returned to the market, aggressively accumulating Bitcoin. The number of these addresses has reached 2,106, marking a 2025 high. This surge in whale addresses suggests that these large investors are more optimistic than the broader market participants.

On-chain data supports this optimism, with whales recording a sustained negative Exchange Ratio for five consecutive days. This indicates that whales are moving their Bitcoin holdings off exchanges, potentially to hold for the long term. Additionally, U.S. institutional investors have turned bullish for the first time in 17 days, as indicated by the Coinbase Premium Index turning positive. This shift suggests that even institutional investors are now anticipating Bitcoin’s prices to rise.

The shift in market sentiment reflects growing confidence in Bitcoin. Most participants now expect prices to reclaim a higher resistance. When whales, institutions, and retailers shift their sentiment, it indicates that Bitcoin is stable enough to see another leg up. If optimism holds, BTC could reclaim $86,190, and a sustained move might open the door to $88,500. However, if consolidation drags and whales flip risk-off, BTC risks slipping toward $81,616. Either way, the market stands at a turning point, with momentum hinging on sentiment follow-through and whale conviction.