Key Notes:
- Over 60 new whale wallets (1,000+ BTC) added since March 2025.
- Bitcoin balances on exchanges hit their lowest level in five years.
- Whales are now absorbing BTC at rates over 300% of the yearly issuance.
Bitcoin Whales Are Quietly Accumulating
While short-term price swings dominate headlines, BTC’s biggest players the whales, are quietly building their positions.
According to Glassnode, the number of wallets holding more than 1,000 Bitcoin (BTC) has increased by over 60 since early March. By mid-April, there were 2,107 whale addresses, marking a four-month high. This whale growth returns to levels last seen during major market surges, particularly around the U.S. election-driven rallies in late 2024.
It’s also notable that whales holding over 10,000 BTC remain in strong accumulation mode. They are absorbing BTC at a staggering pace of over 300% of the new BTC issued annually, according to recent analysis.
As Bitcoin trader Mister Crypto said on April 20:
Bitcoin Leaves Exchanges at a Record Pace
Adding to the bullish setup, BTC balances on centralized exchanges have plunged to a five-year low. Glassnode data shows that the total BTC held on exchanges dropped below 2.3 million, a level not seen since March 2018. Major platforms like Binance and Coinbase have witnessed heavy outflows. Coinbase alone recorded a 16,000 BTC withdrawal in a single day earlier this year.
Shrinking exchange balances typically signal that investors, especially whales, are moving BTC into private wallets. This trend reduces immediate selling pressure. When fewer BTC are available for trading, it often sets the stage for a supply shock, where growing demand clashes with limited supply, pushing prices higher.
Why This Matters for Traders and Investors
This dual trend, wherein whales are stacking BTC while exchange reserves vanish, mirrors patterns that have preceded major bull runs in previous cycles. BTC’s price has seen a modest recovery. At the time of reporting, BTC climbed back above $87,400 on April 21, posting a 3.59% gain over the past week.
Yet the real fireworks could still be ahead. With whales absorbing supply and fewer coins available on public markets, the conditions for a major breakout are quietly forming beneath the surface.
However, patience is crucial, supply squeezes don’t ignite overnight rallies. They build slow pressure that eventually erupts when demand accelerates. For now, the signs are clear that the whales are positioning. Retail traders and investors still sitting on the sidelines might want to pay close attention. If history rhymes, BTC’s next major move could catch many off guard.
