Bitcoin whales have executed their most aggressive accumulation campaign in over a decade, scooping up 270,000 BTC in the past month alone—the largest monthly whale buying spree since at least 2013, according to data from Bitfinex. This massive silent accumulation, occurring as BTC traded in a tight range, has provided the fundamental fuel for the recent price rally, with whale-dominated spot buying overwhelming retail order flow since late 2025.

Accumulation patterns show retail orders often happen during downward price moves, while whale accumulation waits for periods of sideways trading and relative stability. The recent shift to spot orders happens independently of the still weak futures markets. 

As a result of the buying, BTC exchange reserves fell to just 2.68M, a multi-year low. Recently, whole-coin BTC transfers to Binance remained even more rare. In the past 24 hours, 6,310 BTC were withdrawn from Binance, and over 13K BTC for the past 30 days. In the past week, the pace of BTC leaving exchanges accelerated near a historical peak, further revealing the accumulation trend.

BTC whales and holders are facing diminishing pressure to sell

While the BTC market was slower, there was no true capitulation in the past few months. Currently, holders of wallets up to seven years old are, on average, in the green. BTC traded above $75,000 with a continued recovery.

At the same time, the average realized price reached $72,300, translating into lower price pressure. Around 8.75M BTC in various wallets is held at a loss, but the metric is improving. The current BTC cycle also comes with fewer signs of capitulation, as holders seek other sources of liquidity and hold fast to any coins acquired. 

The current spot buying cycle coincides with a new wave of buying for Strategy, this time supported by STRC digital credit. Strategy has managed to absorb some of the available selling. 

As a result of recent whale buying, the BTC sell wall rose to $77,980, with smaller sell walls at $75,500 and $76,000, signaling robust demand. 

BTC holders await a directional move

Despite the ongoing price weakness, BTC holders were in no hurry to capitulate. BTC is more than 40% down from its peak valuation, but it has shown its ability to react to positive market news. 

The recent BTC exchange flows show whales slowed down their deposits in March and switched to withdrawals during the recent market recovery.

Currently, there is still no panic buying or FOMO, but an ongoing strategic accumulation. Whale and shark wallets remain the most influential factors for BTC, and are closely watched for signs of BTC switching to a more bullish sentiment.

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