Bitcoin whales are continuing to increase their holdings, with the number of wallets having between 1,000 and 10,000 BTC reaching 1,993, the highest since December 2024.

This surge in heavyweight investor activity comes as Bitcoin’s prices fluctuated between $81,000 and $84,000 in the past few days.

Whale Accumulation on Multi-month High

According to data from market intelligence platform Santiment, the rise in whale wallets is seen as a sign of growing confidence from institutional investors and high-net-worth individuals. These large holders have increased by 2.6% in the past five weeks.

Bitcoin has experienced significant volatility in 2025, with the flagship cryptocurrency reaching an all-time high of $109,225 on January 20, followed by a 20% correction.

The first quarter of the year also marked BTCs worst Q1 performance since 2019, accompanied by a 25% decline from its peak. The asset has continued to show weakness in price movement, with limited upside momentum over the past several weeks. At the time of writing, it was trading at $83,770, marking a 1.9% increase over the past 24 hours.

Tracking Bitcoin whales is important because their large positions can impact price movements. An increase in such addresses often indicates rising confidence among key stakeholders in the crypto space. With the current count at a multi-month high, Santiment suggests that despite the ongoing market instability, these players may be preparing for a potential upward price movement.

Short-Term Holders Show Signs of Distress

On the other hand, short-term holders (STHs) are showing signs of distress. A recent analysis by CryptoQuants Darkfost highlighted that the Short-Term Holder Spent Output Profit Ratio (SOPR) has remained below 1.0 for over two months.

“When this ratio drops below 1, it signals capitulation among STHs, often leading to short-term price declines,” said the CryptoQuant analyst.

This trend is often seen as a sign of capitulation, suggesting that many are offloading Bitcoin amid the ongoing market upheaval.

Meanwhile, Bitwise CIO Matt Hougan recently highlighted that this is the best time in history to buy Bitcoin. He explained five key factors driving support for the cryptocurrency’s price growth in 2025, including a bullish falling flag pattern, Trumps tariff pivot in March, and the resurgence of spot Bitcoin ETFs. He also pointed to positive social sentiment around the asset and news that the White House is considering selling gold to purchase the digital asset.