Fresh on-chain data suggests a notable shift in Bitcoin market dynamics, with large investors ramping up accumulation. Recent activity involving newly created wallets withdrawing funds from major crypto platforms signals growing confidence among whales and institutions.
Bitcoin Whale Accumulation Surge
Blockchain tracker Lookonchain recently revealed in an X post that whales are doubling down on Bitcoin accumulation. The market intelligence platform made this bullish observation after reporting transactions involving three newly created wallets that withdrew 1,600 BTC, worth $120 million, from Binance and BitGo.
Highlighting data from Arkham Intelligence, the tracker noted that the largest single transfer occurred on BitGo, where a single whale withdrew roughly 1,000 BTC, valued at approximately $74.75 million. The scale and structure of these transactions point to deliberate accumulation rather than routine fund movements, reinforcing bullish sentiment among market watchers.
Buying Spree Intensifies
Meanwhile, market expert Ali Martinez further reported that Bitcoin whales have purchased an additional 10,000 BTC worth approximately $750 million over the past 96 hours. This aggressive accumulation trend highlights growing conviction among large holders as market conditions turn increasingly favorable.
Institutions are also ramping up exposure. Data from Arkham Intelligence shows that asset manager BlackRock has acquired $505.7 million worth of Bitcoin over the past 48 hours. The firm’s total Bitcoin holdings have now climbed to an estimated $59.31 billion, underscoring sustained institutional demand.
Notably, this buying activity coincides with a broader resurgence in bullish sentiment across the crypto market. Bitcoin has surged past $75,000, supported by easing geopolitical tensions in the Middle East and renewed optimism about the progress of the Clarity Act bill, which had stalled for several months but is now gaining positive traction.
Bitcoin Faces Critical Test at 100-Day SMA
Martinez has warned that BTC is at a critical make-or-break point, as the leading cryptocurrency is currently testing the 100-day simple moving average (SMA) as resistance for the third time in six months.
The analyst highlighted that in October, BTC faced rejection at this level, resulting in a sharp 30% correction from $116,000 to $80,000. Similarly, in January, another rejection triggered a deeper 39% decline from $97,000 to $59,800.
Based on this historical pattern, Martinez cautions that a third rejection at the 100-day SMA could trigger a major structural breakdown, potentially sending Bitcoin back to its yearly low of around $59,800.
However, the outlook turns bullish if Bitcoin breaks and closes above this resistance level. According to Martinez, such a breakout could pave the way for a rally toward the $84,000 region, signaling that the broader macro correction phase may be coming to an end.
Josiah Oluwadare
