- Whales added 43,100 BTC, signaling bullish accumulation despite miner profit-taking
- Bitcoin holds firm above $94K as whale buying offsets miner-driven selling pressure
- Golden cross in MVRV ratio may signal a breakout above Bitcoin’s all-time high
Over the past two weeks, Bitcoin has seen a notable accumulation trend among large holders, commonly referred to as whales. According to on-chain analyst Ali Martinez, these whales have added over 43,100 BTC to their holdings, worth nearly $4 billion. This surge comes amid growing bullish sentiment, even as some market participants like miners take profits.
The increase in whale holdings from approximately 3.4982 million BTC on April 13 to 3.5413 million BTC by April 27 underscores strategic buying behavior. The sharpest rise occurred after April 24, highlighting renewed confidence at a time when Bitcoin price action approached key technical levels.
Whales have accumulated over 43,100 #Bitcoin $BTC in the past two weeks, worth nearly $4 billion! pic.twitter.com/34RkxliINK
— Ali (@ali_charts) April 30, 2025
Whale Accumulation and Market Resilience
This fresh round of accumulation suggests that large players are positioning ahead of what many expect to be a continued bull rally. Significantly, this buying activity came despite a modest pullback, with Bitcoin posting a slight -0.12% decline in the last 24 hours.
However, the weekly chart remains positive, with a 1.15% increase over the past seven days. Bitcoin currently trades at $94,705.66 with a 24-hour volume nearing $23.7 billion.
Meanwhile, miner behavior presents a contrasting view. Between April 16 and April 28, miners sold approximately 943 BTC valued at nearly $850 million as Bitcoin surged from $84,000 to nearly $95,000. This reduction in reserves, from 1.809 million BTC to 1.808 million BTC, suggests profit-taking near local highs.
Miners capitalized on the recent price surge, selling 943 #Bitcoin $BTC, worth roughly $850 million. pic.twitter.com/9LPxkpC1pq
— Ali (@ali_charts) April 29, 2025
Despite this selling pressure, prices held firm, showing that demand remains strong. If this trend continues, resistance may build near the $95,000 level, while support holds around $91,000.
Technical Indicators Signal Potential Bull Rally
In another analysis, Martinez highlights a key technical development with the potential formation of a golden cross in the MVRV ratio. This metric, which tracks the market value to realized value, is approaching its 365-day moving average. A similar cross occurred in early 2023 and was followed by a significant rally. Should this pattern repeat, Bitcoin may retest or even surpass its all-time high of $94,600.
Moreover, historical data shows such golden crosses have often marked the beginning of prolonged upward trends. Key support remains near the $40,000 mark, while resistance near $60,000 could soon be tested. The combination of whale accumulation, miner activity, and bullish technical patterns points to a market preparing for higher highs.
