Bitcoin Whales Increase Holdings

The number of Bitcoin (BTC) whale wallets holding at least 10,000 BTC has been steadily increasing according to leading on-chain analytics provider Glassdoor.

The growing rate of Bitcoin (BTC) accumulation by whales signals amplified conviction in the largest cryptocurrency, even as the broader crypto market faces prolonged drawdowns and uncertainties in 2025.

This trend could also indicate that major investors and market participants are positioning themselves for a future Bitcoin rally, possibly anticipating favorable macroeconomic conditions and other upcoming catalysts.

Supply Shock on the Horizon?

Santiment reported that BTC whales and sharks have undergone several major transformations over the past six months. They started accumulating large amounts of Bitcoin, then paused their accumulation, finally dumping it. The most recent sales took place between mid-February and March.

As March began, these whales with a minimum of 10 BTC in their wallets started buying Bitcoin again and have accumulated 5,000 BTC so far, valued at approximately $408,010,750 at press time. Currently, the Bitcoin price has not reacted to this massive accumulation.

However, the Santiment team believes the situation may change in the second half of March and play out “much better than the bloodbath we’ve seen since Bitcoin’s ATH 7 weeks ago,” contingent on whether these large whales continue to buy Bitcoin.

Institutions Continue to Increase Bitcoin Holdings

Over the past three days, Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, has tweeted that a significant decline in Bitcoin is likely this year.

On Friday, McGlone noted that due to rigid U.S. external economic policy, the stock market is plunging, and Bitcoin closely mirrors this trend. He stated that the only asset benefiting from the current situation is gold, a traditional safe-haven asset.

The market generally treats Bitcoin as a risk-on asset. McGlone likened Bitcoin to the Nasdaq 100 peak in the early 2000s when it reached an all-time high of 5,000 points during the dot-com bubble and subsequently crashed by 80%.

He expressed the opinion that Bitcoin is likely to face a similar fate this year, expecting a crash after reaching a peak of $100,000. He did not specify whether this crash is happening already or if he anticipates it will occur later this year.

Earlier today, McGlone predicted that Bitcoin may potentially crash to $70,000 this year.