Bitcoin Whales Accumulate 300% of Daily Supply, Price Stalls Below $86,000

Bitcoin's price action remained relatively subdued over the Easter weekend, with the cryptocurrency experiencing a slight decline and slipping below $85,000. Despite significant accumulation by large institutional investors, known as whales, the price has not broken out, facing multiple rejections around the $86,000 level. Whales have been accumulating Bitcoin at a rate three times the daily mined supply, indicating a strong interest in the asset. However, this accumulation has not yet translated into a price breakout, leaving analysts to speculate on the potential triggers for the next significant move.

Large institutional investors are purchasing Bitcoin at unprecedented levels, leading to speculation that the cryptocurrency is on the verge of a price breakout. Market data indicates that large holders are acquiring three times the daily mined Bitcoin, with the price at a key level. Investors with holdings between 100 to 1000 BTC are aggressively purchasing the cryptocurrency, and crypto exchanges are witnessing a steady outflow of Bitcoin. This outflow suggests that whales are moving their holdings into long-term storage, indicating growing confidence in the asset.

Bitwise Asset Management has reported a monumental shift in the crypto landscape, with growing institutional interest in Bitcoin. The firm's Corporate Bitcoin Adoption report for Q1 2025 indicates that public companies held 688,000 BTC in the first quarter, a 16.11% increase over the previous quarter and accounting for 3.28% of BTC’s 21 million supply. The total value of these holdings has also spiked, rising to $57 billion, while the number of companies holding BTC on their balance sheets grew to 79. A total of 95,431 BTC was purchased in Q1, making it the largest single-quarter acquisition of the asset to date. This surge in interest suggests a maturing market poised for long-term integration.

Crypto investors, whales, and institutions are increasing their Bitcoin holdings ahead of Easter. A wallet linked to a London-based investment firm bought 2,949 BTC, worth over $250 million over the four days leading up to the Easter weekend. The purchase comes shortly after Michael Saylor’s Strategy announced the purchase of $285 million worth of Bitcoin at an average price of $82,618 per BTC. This accumulation by large investors suggests a growing confidence in the asset, despite the relatively quiet market conditions over the Easter weekend.

Despite the continuous accumulation by Bitcoin whales, analysts are hoping for a quiet Easter weekend for the flagship cryptocurrency. However, volatility concerns were raised due to significant movements from the medium-term Bitcoin cohort, which holds coins for an average of three to six months. Over 170,000 BTC have entered circulation from the medium-term cohort, but analysts believe this movement is unlikely to affect weekend price action significantly. The analyst stated that the effect of this metric on long-term moves is overstated as large on-chain movement of coins hardly ever affects weekend price action since it’s not on liquid markets or centralized exchange markets. Moreover, US markets are closed as we have a long weekend for Easter, so volatility could be suppressed, barring headlines from the White House.

BTC faces considerable resistance around the $86,000 mark, having been rejected several times. Despite the resistance at this level, the market has not faced a significant pullback, with the price holding firm above $80,000. However, the sideways price movement suggests strong investor uncertainty. Crypto analyst Daan Crypto provided insight into BTC’s current price action, identifying three barriers preventing a breakout. The first is a downward trend line formed by BTC’s consistent lower lows and lower highs as a marketwide correction took hold. Bitcoin bulls must break above this resistance to establish a reversal. Other crucial indicators are the 200-day EMA and the 200-day SMA. Despite BTC’s struggles to cross $85,000 - $86,000, the ultimate resistance sits at the $90,000-$91,000 price range, a level that served as key support during the bull cycle. If BTC can reclaim this level, it will return to the bullish trading zone.

BTC registered considerable volatility towards the end of the previous week, rising over 8% on Wednesday to reclaim $80,000 and settle at $82,600. It lost momentum on Thursday, dropping almost 4% to $79,592, but reclaimed $80,000 on Friday after an increase of nearly 5% and settled at $83,370. Buyers retained control on Saturday, with the price registering a rise of 2.41% to $85,378. However, price action turned bearish on Sunday as BTC fell almost 2% to $83,776. The price was back in positive territory on Monday, rising 1.01% to $84,619. BTC raced to an intraday high of $86,533 but lost momentum after reaching this level and fell 1.08% to $83,701. Buyers returned to the market on Wednesday as BTC registered a marginal increase and settled at $84,031. The price continued to push higher on Thursday, rising 1.11% to $84,962. Price action remained muted on Friday as BTC registered a marginal decline before increasing 0.61% on Saturday to reclaim $85,000 and settle at $85,033. The current session sees BTC down almost 1% and trading at $84,349.