Bitcoin whales are quietly stacking while retail traders sell off, indicating growing confidence among long-term holders.
On-chain data from Santiment, shared on a May 7 post on X, shows that wallets holding between 10 and 10,000 Bitcoin (BTC) have added over 81,000 BTC in the past six weeks. The holdings of this group, which typically tracks long-term trends, increased by 0.61%. Smaller wallets with less than 0.1 BTC, on the other hand, sold off 290 BTC in the same period.
This shift in holdings tells a familiar story. When small investors sell during uncertain conditions and large players buy, it often signals strong support in the market. These periods of silent accumulation typically precede significant price movements.
As of this writing, Bitcoin is up 2.4% over the last day, trading at $96,733. The recent spike in inflows of exchange-traded funds could be one factor contributing to the positive market sentiment. Santiment reports that since mid-April, inflows into Bitcoin ETFs have totaled more than $5.1 billion. While the market waits for the next big move, prices have been supported by the consistent buying pressure from these funds.
Corporate buyers have also been boosting their Bitcoin reserves. Analysts at brokerage firm Bernstein have predicted that corporate Bitcoin buying could reach $330 billion by 2029, as per a May 5 report by Yahoo Finance. The largest public holder, Strategy, could own as much as $124 billion of that total.
Adding to the bullish sentiment is a new crypto-friendly policy from the U.S. brought about by Trump’s pro-crypto administration. New Hampshire became the first U.S. state to allow public investment in digital assets like Bitcoin. A new law signed on May 6 could lead other states to follow, opening the door to more government adoption.
Bitcoin has increased by about 30% since its lows in early April, despite worries about interest rates and trade tensions. The tightening of the Bollinger Bands on the Bitcoin chart, a technical indicator often seen before significant movements, suggests that the cryptocurrency may be getting ready for another breakout.
The road to $100,000 appears more feasible with large holder purchasing, ETFs spending billions, and pro-crypto legislation gaining traction.
