- Bitcoin whales resumed accumulation, boosting confidence as holdings rebounded from 5.30M BTC to 5.52M BTC in early 2025.
- The Coinbase Premium Gap flipped negative, signaling selling pressure, but a rebound above $85K showed renewed buying demand.
- Bitcoin surged past $88K before retracing, hinting at shifting market sentiment and possible pauses in large-scale accumulation.
Bitcoin whales are once again going on accumulation, changing market dynamics, according to analyst Axel. Heavy hitters dumped 290,000 BTC in the past five months. As of recent figures, however, that trend is flipping. Addresses holding over 1,000 BTC have started buying again. That occurred as Bitcoin settled at a price higher than $60,000 and traded above $70,000 for the first time.
Whale Activity Signals Market Strength
In early 2024, Bitcoin’s price climbed toward $70,000 while whale holdings remained stable. Fluctuations in whale positions did not impact the price. However, from May to October 2024, whales offloaded significant amounts. Their holdings dropped from 5.59 million BTC to 5.30 million BTC, coinciding with Bitcoin’s decline below $60,000. During this phase, negative whale position changes dominated the charts.
By late 2024, the selling pressure eased. Whale accumulation resumed, shifting from negative to positive territory. This trend has continued into early 2025, pushing holdings to 5.52 million BTC. Additionally, the 30-day cumulative whale position change has shown an upward trajectory. This development suggests renewed confidence among large investors.
Coinbase Premium Turns Negative
Besides whale accumulation, the Coinbase Premium Gap has provided insights into market trends as per analyst Maartunn. On March 22, Bitcoin traded below $84,000, and the premium gap was negative. This indicated increased selling pressure, driving Bitcoin to a discount on Coinbase compared to other exchanges.
However, on March 23, Bitcoin’s price rebounded above $85,000. The premium gap turned positive, signaling strong buying pressure. Between March 24 and March 26, Bitcoin surged beyond $88,000. The positive premium, reaching over 80 at times, confirmed rising demand.
Despite this rally, Bitcoin retraced below $86,000 as selling pressure resurfaced. Consequently, the premium gap flipped negative again. This shift suggests declining US spot demand. Some speculate that major buyers, like Michael Saylor, may have paused accumulation.
