Bitcoin is currently experiencing a significant price pullback, with its value down approximately 5.8% from its all-time high recorded last month. At present, the asset trades at $105,062, reflecting a 1.1% decrease over the past day.
Despite this decline, on-chain data reveals a notable shift in market behavior among large investors. A new group of Bitcoin whales—wallets holding 1,000 BTC or more with coins aged less than six months—has been accumulating the asset at an accelerated rate.
According to a recent analysis by CryptoQuant contributor “onchained,” this accumulation trend may indicate renewed confidence among high-capital participants preparing for future market catalysts. Between March 1 and June 4, 2025, the amount of Bitcoin held by these “new whales” more than doubled from approximately 500,000 BTC to over 1.1 million BTC, representing an increase of around $63 billion in value.
During the same period, their share of Bitcoin’s total circulating supply rose from 2.5% to 5.6%, effectively removing an amount equivalent to nearly ten months of Bitcoin mining output from active circulation. This trend excludes long-dormant wallets, isolating recent capital inflows.
This behavior suggests a mix of long-term positioning and active supply absorption, which historically precedes notable price volatility. Analysts interpret the emergence of new whale activity as a sign of changing market structure, especially in conjunction with tightening supply conditions.
If these entities continue to withdraw BTC from circulation without signs of immediate distribution, it could indicate a phase of price compression followed by upside volatility.
From a technical analysis standpoint, Bitcoin may be forming a new bullish pattern. Analyst “Titan of Crypto” notes that the asset has broken out of a right-angled descending broadening wedge, a chart pattern that could signify a trend reversal or continuation depending on confirmation.
If the price remains above the breakout zone, historical analysis suggests a potential upside target near $135,000 in 2025. This technical perspective aligns with the broader narrative of positioning in anticipation of expected macroeconomic catalysts.
