Bitcoin Whales Have Quietly Resumed Accumulation, Suggesting a Breakout May Be Coming

Heavyweight bitcoin (BTC) holders, often called whales and sharks, have quietly resumed accumulation, according to blockchain intelligence platform Santiment.

Bitcoin addresses holding between 10 and 10,000 BTC acquired an astounding 83,105 BTC in just 30 days. This tier of investors now shows increased confidence in bitcoin’s trajectory, which comes amid calming geopolitical and macro anxieties, such as the pause in the U.S.–China tariff escalation.

This recent wave of buying is significant when compared to the total BTC holdings of these wallets, suggesting strategic positioning for a breakout move.

The trend also reflects a typical behavior seen ahead of strong rallies, where larger entities accumulate during sideways or uncertain phases. Many are interpreting this shift as a precursor to bitcoin’s challenge of the elusive $110,000 price mark, a level yet to be reached but not out of sight.

Retail Wallets Trim BTC Amid Market Uncertainty

But as the smallest tier of bitcoin wallets sold, they unloaded a small amount of coins. Addresses with less than 0.1 BTC sold 387 of the cryptocurrency over the same time.

Although the quantity is minimal, it is still noteworthy considering the relative magnitude of their holdings. This signals retail uncertainty, presumably sparked by bitcoin failing to convincingly pierce through previous resistance levels in recent weeks.

Wallets just above the 0.1 BTC level also demonstrated a trend of profit-taking due to the perception that small holders have that the market would turn around at some point. To these investors, the recent stable price may seem more like a plateau than a starting point, particularly in a month that has historically been associated with surprise changes.

Bitcoin Cycle Intact As October Peak Looms

Joao Wedson, the founder of Alphractal, is a well-known figure in the crypto sphere for her technical analysis and bold predictions. Of late, Wedson has been reaffirming how she believes the bitcoin cycle is still intact with high potential to peak in the October 12–16 time frame.

Recently, she addressed the question of whether the institutional presence and ETF activity will disrupt the underlying rhythm of the bitcoin cycle.

“Is the cycle over with the rapid pace of the institutional entry and ETFs? No. They were there all along (for more than a decade), but not always playing above board.”

Wedson highlighted that institutions have been rotating in and out of the market for years, and their activity is not always reported or disclosed. She pointed out that the fib structure on lower timeframes broke down in April 2021, and it is now repeating in April 2023.

She also noted that the bullish divergence on the MACD was strong in May 2020 and 2021, and it is now getting ready to show up again in May 2023.

“May will bring an interesting surprise (like the 2021 China crackdown). But it’s not over yet.”