Bitcoin Whales, Pundits Continued to Stack Throughout April, Data Shows

Bitcoin Whales Increase Holdings as Accumulation Spikes Through April

Large-scale Bitcoin holders have been quietly — but consistently — stacking throughout March and April, even as prices remained volatile. According to on-chain data from Glassnode, over 60 new wallets holding more than 1,000 BTC have appeared since early March, marking a notable rise in whale accumulation.

As of April 15, the number of whale wallets reached 2,107, up from 2,037 in late February, hitting a four-month high. This level hasn’t been seen since the notable whale activity spikes in November and December 2024, which coincided with renewed market optimism following the re-election of U.S. President Donald Trump.

The historical peak for wallets holding more than 1,000 BTC remains just shy of 2,500, recorded in February 2021 during Bitcoin’s previous major bull run.

Number of addresses with a Bitcoin balance of over 1,000 BTC. Source: Glassnode 

Glassnode data also shows a slight uptick in wallets holding over 100 BTC, with 18,026 such addresses recorded as of April 20. However, the number of smaller holders—addresses with less than 10 BTC—has seen a gradual decline, suggesting a shift in accumulation from retail to institutional or high-net-worth investors.

Whales Absorbing Supply Amid Exchange Outflows

The trend of increasing whale activity aligns with recent reports that these large holders are soaking up Bitcoin supply at a pace exceeding 300% of the annual issuance. Simultaneously, exchange balances continue to decline, which is typically viewed as a bullish signal, as it implies holders are moving assets off exchanges and into long-term storage.

“Whales are accumulating massive amounts of Bitcoin, they know what comes next,” said Bitcoin trader Mister Crypto in an April 20 post on X.

Bitcoin whale position change. Source: Mister Crypto 

Price Breakout Adds Fuel to Bullish Momentum

The accumulation is occurring just as Bitcoin appears to be breaking out of a prolonged sideways channel that started in early March. On April 21, Bitcoin surged over $3,000 to reclaim $87,400, marking its highest level since March 28.

This breakout also confirms a move out of a multi-month falling wedge pattern—a bullish technical indicator that analysts say could propel Bitcoin toward six-figure territory by May if momentum continues.

With major players steadily increasing their holdings and market sentiment turning increasingly optimistic, Bitcoin may be gearing up for another strong leg upward, driven by whale confidence and shrinking supply on exchanges.