The number of large Bitcoin holders (often referred to as “whales”) has climbed to its highest level in four months, signaling a renewed wave of accumulation among high-net-worth investors.
According to on-chain analytics firm Glassnode, more than 60 new wallets holding at least 1,000 BTC have emerged since early March.
This brings the total number of whale wallets to 2,107 as of April 15, up from 2,037 in late February.
Whale Activity Returns to 2023 Highs Seen After Trump’s Re-Election Rally
The last time this level of activity was seen was in late 2023, during a sharp market upswing following the re-election of U.S. President Donald Trump.
Though still below the February 2021 all-time high of nearly 2,500 whale addresses, the current trend underscores a growing appetite among large investors.
Addresses holding over 100 BTC have also seen modest growth, reaching 18,026 on April 20. In contrast, smaller wallet addresses holding fewer than 10 BTC have declined in recent months.
Glassnode data further shows that Bitcoin whales are currently absorbing over 300% of the cryptocurrency’s annual issuance, even as exchange balances continue to decline—a sign that long-term holders are moving coins off trading platforms.
“Whales are accumulating massive amounts of Bitcoin. They know what comes next,” commented trader Mister Crypto on April 20.
Meanwhile, Bitcoin’s price action is beginning to reflect the increased demand.
On April 21, BTC surged over $3,000 to reclaim the $87,400 level for the first time since March 28.
Analysts suggest that this breakout from a multi-month falling wedge pattern could mark the start of a bullish reversal, potentially setting the stage for a move toward the six-figure mark in the weeks ahead.
Lyn Alden Says Bitcoin Would Be Higher if Not for Trump’s Tariff Shock
Prominent macroeconomist Lyn Alden believes Bitcoin is on track to finish 2025 above its current price of around $85,000.
“Before all this tariff kerfuffle, I would have had a higher price target,” Alden said during a recent interview.
While she still expects Bitcoin to post gains by year-end, Alden noted that the tariffs introduced in February have tempered her earlier bullish outlook.
Alden explained that a major liquidity boost could push Bitcoin toward more ambitious targets.
Such a scenario might occur if the U.S. bond market faces a crisis, prompting the Federal Reserve to respond with quantitative easing or yield curve control.
Despite current macro headwinds, Alden believes there is still a “good chance” Bitcoin surpasses the $100,000 mark in 2025.
However, she warned that global market volatility remains a key obstacle, especially because Bitcoin trades continuously — unlike traditional equity markets with limited trading hours.
“Because it trades 24/7, if people are worried about how things are going to open on Monday, some pools of capital can sell their Bitcoin on a Sunday and prepare,” she said.
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