Bitcoin Whale Accumulation Reflects 2020 Pattern, Preceding a 550% BTC Surge

With Bitcoin’s price making strides toward the $70,000 mark, large whale wallets are once again accumulating BTC at a pace reminiscent of the period between July 2020 and January 2021, when Bitcoin experienced a 550% rally.

As highlighted by Woominkyu, a verified analyst on CryptoQuant, this pattern has sparked excitement among investors anticipating another significant Bitcoin breakout. As seen in the chart, the current Bitcoin whale ratio on spot exchanges is strikingly similar to levels observed in July 2020, shortly after the COVID-driven market crash in March.

Woominkyu noted that despite short-term price fluctuations, whales are continuing to accumulate Bitcoin, preparing for what they expect to be a long-term price surge. In a recent X (formerly Twitter) post, he remarked:

“Whales are gearing up to take advantage of ‘FOMO’ from retail investors.”

As we said Over the last six months, whale wallets have collectively accumulated more than 1.5 million BTC, with each wallet holding over 1,000 BTC—roughly $68 million at current prices.

New whale wallets represent 9.3% of the total supply

CryptoQuant CEO Ki-Young Ju added that newly active whale wallets, with an average coin age of less than 155 days, now hold a staggering 1.97 million BTC.

These newer whale wallets differ from those on spot exchanges as they are non-miner wallets, likely custodial in nature. Commenting on the rise of these wallets, Young-Ju explained:

“Their BTC holdings have surged 813% year-to-date, now accounting for 9.3% of the total supply, which is valued at $132 billion today.”

Bitcoin long-term holders may be ‘stabilizing’

While whale wallets paint an optimistic picture for Bitcoin’s future, there are signs that long-term holders and miners could create some resistance to further price gains. IT Tech, an on-chain analyst at CryptoQuant, suggested that long-term holders might be stabilizing or taking profits at current levels.

Miners, on the other hand, have seen their profit margins improve recently, which often aligns with Bitcoin price peaks as they strategically manage their payouts. This could indicate that miners may be less likely to sell off their BTC holdings for the time being.

However, the analyst pointed out that short-term holders are increasingly leaning toward accumulation, which could help absorb any selling pressure. He emphasized:

“Keeping a close eye on short-term holders, long-term holders, and miners is crucial. Any shifts in their behavior could have a significant impact on Bitcoin’s next move as the market anticipates more accumulation or profit-taking.”

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