Data suggests that Bitcoin’s price surge in April 2025 wasn’t exactly driven by hype, or investors looking for alternative assets while claiming the U.S. dollar was falling to pieces. It was mostly driven by accumulation. Quiet, calculated, and overwhelmingly by whales.
Last week, as Bitcoin brushed $94,000, long-term holders offloaded $343.7 million in profits. That’s the headline sell event. But shortly after, aggressive hoarding by the largest players in the ecosystem started.
Moreover, Alí Martinez, a popular crypto analyst, told his 130K+ followers how miners capitalized on 943 Bitcoins, around $850 million, in April.
But despite the strategic, short-term profit-taking by a few whales, the predominant trend shows the majority of whales are accumulating Bitcoin more aggressively than selling.
The number of whale wallets holding over 1,000 Bitcoins surged to 2,107 by mid-April, according to data from Glassnode. The data shows whales are absorbing at over three times the current annual BTC issuance rate. Moving on, wallets holding 10,000 to 100,000 BTC added 19,255 BTC in the second week of April, pushing their combined holdings to a record 13.47 million BTC.
The top 100 addresses alone control 4.23 million BTC, or 21.6% of supply. Thirty-two of those whales added 6,800 BTC between $78,000 and $82,000 — establishing a structural support floor. Additionally, the Exchange Whale Ratio —which measures the size of large transactions relative to total exchange volume— confirms the trend. It cratered below 0.3 by April 23, according to data from CryptoQuant.
For context, it hovered near 0.65 in late March. This drop signals a sharp exit by institutions from active trading and a shift to retail-driven order flow. The ratio slipping below 0.4 after April 15 marked the end of distribution and the beginning of positioning.
Can Bitcoin Reclaim $100K?
Bitcoin ripped $20,000 higher in April, breaking $94,400 on April 27, as CryptoMode reported. Volume surged across major exchanges. On Coinbase, the BTC/USD premium flipped positive — a sign of renewed U.S. demand. The final cap came off when “Spoofy the Whale” vanished, removing the $90,000 resistance wall by April 23.
However, for Bitcoin to reclaim and beat the $100k psychological barrier, it must maintain the $89k support, according to analysts. This is a level where the 12-day EMA and the 200-day SMA are sitting on currently. It seems like all indicators are bullish, and spot volumes on exchanges are on the green.
Bitcoin is currently trading at $94k, a 7% increase in the last week, as per CoinGecko data.
The short squeeze setup is forming. Declining sell pressure, shrinking exchange supply, and massive underlying bids mean any bearish overextension could get crushed.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
