On-chain data suggests that Bitcoin (BTC) whales \u2013 cryptocurrency wallets holding significant BTC amounts \u2013 have resumed accumulation after a brief period of dormancy.<\/p>\n
In an X post<\/a> published today, seasoned crypto analyst Ali Martinez highlighted a notable increase in BTC whale activity. He shared the following chart showing that 48 new wallets now hold 100 or more BTC.<\/p>\n A surge in whale accumulation often signals rising confidence in Bitcoin\u2019s long-term value. The leading digital asset has climbed over 15% from its March 10 low of approximately $76,600. As of writing, BTC is trading in the high $80,000s.<\/p>\n Renewed optimism around BTC\u2019s price trajectory stems from several recent macroeconomic developments, including cooler than expected Consumer Price Index (CPI) inflation data<\/a> for February and reports of US President Donald Trump adopting a softer stance<\/a> on retaliatory tariffs scheduled to go into effect from April 2.<\/p>\n On-chain intelligence firm Arkham reported<\/a> long-dormant BTC whales becoming active again. In an X post, the firm highlighted how a wallet that held $3 million worth of BTC in 2017, recently became active after 8 years, with its holdings now valued at close to $250 million.<\/p>\n Fellow crypto analyst Crypto Rover shared the following chart, illustrating a sharp rise in whale accumulation since late 2024. It is worth noting that the data excludes wallets tied to non-US exchanges and US Spot Bitcoin exchange-traded funds (ETFs).<\/p>\n Several crypto analysts believe BTC may have already bottomed out this cycle and entered a new bullish phase, potentially setting the stage for a fresh all-time high (ATH).<\/p>\n Noted crypto entrepreneur and former BitMEX CEO Arthur Hayes recently suggested<\/a> that BTC \u2018probably\u2019 hit this cycle\u2019s bottom during the March 10 dip to $76,600. Hayes added that while bottom may be in for BTC, stocks could still face further downside.<\/p>\n Momentum indicators \u2013 such as the Relative Strength Index (RSI) \u2013 also appear bullish. Bitcoin\u2019s daily RSI recently broke out<\/a> of a multi-month downtrend, fuelling hopes of sustained upward momentum.<\/p>\nIs BTC Eyeing A New Record High?<\/h2>\n