Over the past few weeks, bitcoin (BTC), the leading cryptocurrency by market capitalization, experienced a significant price drawback. It dropped from around $99,000 to as low as $77,000.

Despite this price slump, whales have increased their BTC stash by accumulating large quantities of the apex crypto asset. On-chain data from the blockchain analytics platform CryptoQuant shows that these high-net-worth holders have bought over 200,000 BTC this month alone.

Bitcoin Whales Bought Over 200K BTC

The CryptoQuant report focused on high-net-worth bitcoin holders whose addresses have held a minimum of 1,000 BTC for less than six months. These entities likely include deep-pocketed individuals and institutions.

Since November 2024, these whale wallets have bought over 1 million BTC. The fact that these new whales accumulated this much BTC within a few months shows their bullish stance on the leading crypto asset with its recent price levels.

Donald Trump’s emergence as the United States president is a significant catalyst that likely urged these whales to show interest in the leading cryptocurrency. Recall that Trump’s election victory was also announced in November 2024, the same month these whales began stacking BTC. Since his inauguration, the U.S. president has proved faithful to his campaign promises of bringing bitcoin to the country’s forefront.

The influx of fresh capital into BTC could set a strong support level for the leading crypto asset should it soar above its current levels to new heights. The CryptoQuant analyst believes that bitcoin may reach its all-time high of $109,100 and potentially soar above it if the ongoing accumulation trend continues.

Aside from these whales, other long-term bitcoin holders have continued accumulating BTC. Some include Strategy (formerly MicroStrategy), Metaplanet, and El Salvador.

A Bullish or Bearish Move?

While the ongoing BTC accumulation trend may seem bullish for the apex crypto asset and the broader market, on-chain data from IntoTheBlock says otherwise.

The blockchain analytics platform explained in a recent tweet a rise in BTC acquisitions from long-term holders is a practice that occurs during the bear market. While cautioning that this signal is not always reliable, IntoTheBlock hinted that users consider the possibility of a bearish sentiment.

Other market experts, like the CryptoQuant founder, also suggest that the bull cycle may be over. Meanwhile, BTC sold for $83,500 at the time of writing.