Bitcoin’s largest holders added roughly 54,000 BTC in a single week.
While wallets holding 100 BTC or more are increasing, smaller retail wallets continue to exit the market.
Despite bullish on-chain signals, technical indicators suggest further downside is possible.
Large Bitcoin holders accumulated BTC at the fastest pace in more than a decade last week, even as prices declined sharply, raising questions about whether a rebound is forming or whether whales are positioning ahead of further volatility.
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Bitcoin’s largest holders have resumed buying, according to on-chain data, despite the recent price downturn.
Glassnode data shows that Bitcoin whales accumulated approximately 54,000 BTC over the past week, marking the fastest weekly accumulation rate since 2012.
This buying activity occurred as Bitcoin continued to slide, with the asset trading at around $86,000 at the time of reporting.
Historically, sustained whale accumulation during periods of price weakness has often preceded longer-term recoveries; however, short-term volatility has frequently persisted during these phases.
Since Nov. 11, the number of wallets holding at least 100 BTC has risen by 0.47%, adding 91 new wallets in that category.
Santiment observed that while smaller retail wallets—particularly those holding 0.1 BTC or less—continue to decline, larger entities have begun to re-enter the market.
🐳 The number of wallets holding at least 100 Bitcoin has risen by +0.47% (91 wallets) since November 11th. Meanwhile, small wallets (especially 0.1 $BTC or less) have been shrinking in number. Retail capitulation will generally play out well for crypto prices in the long run. pic.twitter.com/I0C6EV24QV
“Retail capitulation will generally play out well for crypto prices in the long run,” Santiment said in a post on X last month.
This recent uptick comes after several months of contraction among Bitcoin’s largest holders.
Wallets controlling more than 1,000 BTC have been steadily decreasing, a trend that accelerated as Bitcoin fell below the $90,000 level.
Bullish Predictions Growing
Despite recent price decreases, bullish predictions are coming left, right and centre from industry leaders.
Talking at Binance Blockchain Week, Fundstrat’s Tom Lee reiterated that Bitcoin “looks positioned for a major move.”
“I think Bitcoin is going to get to $250,000 within a few months,” he said, calling Bitcoin and Ethereum “the two most important crypto platforms out there.”
His outlook echoes predictions from other major figures.
In April, Cardano founder Charles Hoskinson told CNBC that Bitcoin could reach $250,000 in 2026.
Meanwhile, famously bullish Michael Saylor has consistently shared that Bitcoin could reach $10 million in the not so distant future.
Technical Signals Point to Further Price Drop
Responding to recent bullish commentary from Michael Saylor and Tom Lee, CCN analyst Valdrin Tahiri cautioned that Bitcoin’s technical structure continues to point lower in the near term.
“Bitcoin’s technical analysis is bearish,” Tahiri said, emphasizing that price action has deteriorated despite improving sentiment among prominent market bulls.
According to Tahiri, Bitcoin has now entered the final phase of its corrective structure.
“The BTC price has started the fifth and final wave in its downward movement after breaking down from an ascending parallel channel,” he explained.
If this wave count plays out as expected, Tahiri sees further downside before any durable recovery takes hold.
“If the count is accurate, the Bitcoin price will fall to $70,000–$72,000 to complete its correction,” he said.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
