Bitcoin (BTC) Whales Accumulate at Record Pace Not Seen Since 2013

Key Takeaways

• BTC climbed to $79,477 as technical analysts emphasize daily closures above $80,000–$83,000 are critical for confirming bullish momentum
• Bitcoin spot ETFs attracted $2.03 billion in April capital, marking 8 straight days of positive flows
• Large holders with 1,000+ BTC added 270,000 coins in 30 days — the strongest monthly accumulation in over a decade
• Glassnode data shows Bitcoin reclaimed the “True Market Mean” threshold of $78,100 for the first time since January
• The cost basis for short-term investors stands at $80,100, representing immediate overhead resistance

Bitcoin has mounted a significant recovery toward the $80,000 threshold following several weeks under selling pressure, with market participants closely monitoring whether this level can transform into solid support.

On Wednesday, BTC touched an intraday peak of $79,426 before experiencing a modest pullback to approximately $78,400 by Thursday. This positions Bitcoin tantalizingly close to the psychological $80,000 barrier that technical experts have identified as crucial.

Corporate and institutional participation has emerged as a prominent catalyst. Bitcoin spot exchange-traded funds registered $223 million in net inflows on April 23, marking the eighth straight day of positive flows. Strategy expanded its holdings by acquiring 34,000 BTC worth $2.54 billion, while Morgan Stanley’s recently introduced MSBT ETF attracted over $153 million during its initial two-week period.

Major Holders Drive Historic Accumulation

According to Bitfinex research, addresses containing more than 1,000 BTC have added 270,000 coins during the past 30 days — representing the most substantial monthly gain since 2013. Simultaneously, Bitcoin holdings on exchanges have declined to their lowest point in seven years, indicating coins are being transferred to cold storage rather than liquidated.

Blockchain intelligence from Santiment revealed that addresses holding between 10 and 10,000 BTC increased their positions by nearly 41,000 coins over a two-week span.

Analysis from Glassnode verified that Bitcoin successfully crossed above the “True Market Mean” level at $78,100 for the first time since mid-January. Nevertheless, the analytics platform highlighted that recent buyers are booking profits at $4.4 million hourly — roughly three times the rate observed at previous local peaks throughout 2025.

Critical Levels and Technical Outlook

Chartered market technician Aksel Kibar observed that a downward-sloping channel is “becoming better defined with several rejections at the upper boundary.” Jurrien Timmer from Fidelity suggested the current price action might still resemble a bear flag pattern, though he acknowledged that Bitcoin seems to be “building a large base in preparation for the next major up wave.”

Cryptocurrency trader Ted Pillows highlighted that the $79,000–$80,000 region contains “a lot of spot selling orders,” cautioning that inability to recapture this zone could drive BTC back toward $76,000.

Perpetual swap funding rates continue to trade in negative territory, which Nexo’s analyst Iliya Kalchev characterized as potentially bullish — upward price movement coupled with negative funding indicates the rally is driven by spot buying rather than excessive leverage.

Bitcoin reserves on centralized exchanges remain at seven-year minimum levels as large wallet accumulation reaches its most aggressive monthly pace in over eleven years.

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