Despite prevailing market volatility, Bitcoin continues to exhibit robust accumulation patterns, particularly among significant holders. Recent data indicates a pronounced trend of large-scale capital flowing into long-term storage addresses, signaling strong confidence in the cryptocurrency’s future trajectory. This sustained absorption of coins, even amidst price fluctuations, underscores a strategic positioning by both institutional and anonymous entities for anticipated future growth.
Understanding the Accumulation Trend
Analysis of on-chain activity reveals that wallets holding more than 10 BTC have emerged as the primary drivers of this accumulation phase. Over the past few days, these addresses have absorbed a substantial volume of Bitcoin, estimated at over 30,000 BTC, equating to approximately $3.3 billion. This significant inflow occurred even as Bitcoin’s price experienced spikes, indicating a buyer’s resilience to higher valuations.
This consistent buying activity is effectively absorbing newly mined Bitcoins while also drawing down reserves held by over-the-counter (OTC) desks and exchanges. Even with prices recently exceeding $109,000, and settling around $104,578, the accumulation pattern persists. Many of these accumulation addresses are relatively mature, with an average acquisition cost of around $64,000. However, new accumulation addresses are also being established, even at near-peak prices, contributing to the total of over 2.91 million BTC now held in such addresses, according to CryptoQuant data. The year 2025 has seen a notably higher baseline of inflows, with recent peak levels for the year, reinforcing a strong stacking trend.
The continued holding by large entities, rather than profit-taking at near-peak valuations, reflects a strong long-term conviction in Bitcoin’s spot markets, overriding short-term volatility often associated with derivatives trading. While the broader market sentiment, as indicated by the crypto Fear and Greed Index, has shifted to a neutral 51 points from recent levels of extreme greed, the underlying spot accumulation remains undeterred.
Key Drivers of Bitcoin Accumulation
The current wave of Bitcoin accumulation is a multifaceted phenomenon, driven by a combination of anonymous high-net-worth individuals (“whales”) and prominent corporate entities. Unlike previous cycles where retail investors might have played a larger role in initial accumulation phases, the current landscape above $90,000 per BTC is predominantly shaped by large-scale wallets holding between 100 and 1,000 BTC. Corporate buyers and investment funds, with their substantial capital reserves, are well-positioned to continue acquiring Bitcoin even at elevated price points.
Corporate treasuries currently hold an impressive 3.41 million BTC, with notable activity from high-profile holders over recent weeks. Even smaller corporate players have demonstrated their commitment, sometimes acquiring up to 5,000 BTC in a single day. In the last month alone, 20 companies publicly disclosed additions of Bitcoin to their balances, with more firms exploring strategies to finance future Bitcoin acquisitions through debt or equity.
The Role of Strategic Reserves and DeFi
Beyond direct corporate treasuries, the concept of a Bitcoin strategic reserve is gaining traction within the broader crypto ecosystem. For instance, the Polkadot community recently put forth a proposal to establish a tBTC reserve, aiming to acquire and hold wrapped Bitcoin for long-term strategic purposes.
Furthermore, a portion of the ongoing Bitcoin accumulation can be attributed to decentralized finance (DeFi) protocols and various collateral wallets. As Bitcoin’s value continues to appreciate, the on-chain activity for native BTC can be slower. Consequently, some protocols are developing innovative ways for users to leverage Bitcoin’s value within the DeFi space without divesting their holdings. Solana, for example, is emerging as a significant platform for wrapped Bitcoin. Currently, 4,726 BTC is held on Solana in the form of tBTC, marking a substantial 75% growth throughout 2025. Additionally, various Bitcoin staking platforms and other DeFi protocols are securely holding coins, with no immediate intention of selling, further solidifying the long-term accumulation trend.
Michael combines data-driven research with real-time market insights to deliver concise crypto and bitcoin analysis. He’s passionate about uncovering on-chain trends and helping readers make informed decisions.