Bitcoin approached $75,000 as large investors increased their holdings to the highest level since mid-February, according to on-chain data from analytics firm Santiment. The accumulation by so-called “whales” coincided with Bitcoin’s move back toward record territory, while similar buying activity also appeared among major Ethereum holders.
Whale Holdings Climb to 4.25 Million BTC
Santiment reported that Bitcoin addresses holding between 1,000 and 10,000 BTC have raised their combined balance to approximately 4.25 million BTC, the most since mid-February. The cohort added 27,652 BTC on Sunday alone—worth more than $2 billion at recent prices—following a period of distribution that bottomed out in mid-March.
At current exchange rates, these whale wallets represent holders with roughly $74.5 million to $745 million in Bitcoin. Movements by this group are closely watched due to their potential influence on market liquidity and price direction.
Price Action and Historical Context
Bitcoin’s latest bid toward $75,000 followed the uptick in whale balances, though the relationship is observational rather than causal. Santiment noted a similar pattern earlier this year when whales initially accumulated in February before quickly reversing course and reducing holdings, underscoring the need to monitor whether the current trend persists.
Ethereum Whales Expand as Well
Accumulation has not been limited to Bitcoin. Santiment observed that Ethereum addresses holding at least 100,000 ETH—roughly $238.4 million at recent prices—rose from 54 to 57 over the past week. Historically, an increase in these large wallets has correlated with price strength for ETH, the second-largest crypto asset by market capitalization.
Market Snapshot
Bitcoin was recently trading around $74,500, up about 8% over the past week. Crypto prices are volatile and subject to rapid change.