April has been extremely stressful for investors. In recent days, US President Donald Trump’s tariffs have caused turmoil in both the crypto and traditional markets. Bitcoin dropped to a five-month low of $74,500 on April 7th before experiencing a modest recovery.
However, it still remains over 7% down for the week. Data reveals that large entities are silently accumulating Bitcoin, steadily removing it from circulation despite the current market challenges.
Whales on the Hunt
CryptoQuant’s recent analysis highlights the ongoing accumulation of Bitcoin by large entities, even as prices reached new all-time highs earlier this year. There has been a significant increase in realized cap from approximately $20 billion to around $160 billion between 2023 and 2025.
During the same time, there was also a rise in holdings from roughly 800,000 BTC to over 3 million BTC, which reflected a notable trend – larger holders are continuing to acquire Bitcoin at current prices.
The most striking feature is the widening gap between retail and whale accumulation by the end of 2024. While retail investors have continued to buy, their purchasing power has been outpaced by larger entities, as reflected by the divergence in realized cap.
This behavior suggests that larger holders are engaged in high-conviction buying, as this cohort positioned themselves strategically in anticipation of potential supply shocks in future market cycles.
The market implications of these trends include heightened supply-side pressure due to the increasing withdrawal of Bitcoin from circulation and a demonstration of long-term conviction from holders who are undeterred by short-term price fluctuations.
If these accumulation patterns persist, the impact of future supply shocks could be amplified, with an increasing portion of Bitcoin’s fixed supply being held by entities that are unlikely to sell in the near term.
Not all whales appear to be on board. In fact, crypto analyst Ali Martinez’s findings revealed a significant surge in whale activity on the Bitcoin network, with 1,715 transactions exceeding $1 million occurring on April 7th – the same day the crypto asset’s price spiked briefly from $74,500 to $81,200.
This notable uptick in large transactions coincided with the price movement, suggesting that certain major holders were actively capitalizing on the market rally.
Support Zone for Bitcoin
Meanwhile, the $69,000 level has emerged as a key support zone for Bitcoin. Over 1.22 million addresses purchased more than 464,000 BTC around this price point, which indicated major historical demand and strong conviction from investors.
This high volume of accumulated Bitcoin at $69,000 suggests that many holders are confident in this level, which could act as a critical base for future price stability or upward movement.
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