Bitcoin Whales Step Up Accumulation, Setting Up Another Run at $80,000 Despite Pullback Risk

Bitcoin whales and institutional investors are continuing to accumulate, improving Bitcoin’s medium- to long-term supply-demand backdrop even as the market faces the risk of a short-term correction.

Cointelegraph reported on April 27 that whale wallets holding between 1,000 and 10,000 BTC added about 240,000 BTC over the past five months, bringing total holdings to roughly 3.09 million BTC. That restores their holdings to levels seen before last November’s correction.

Long-term holders are also steadily absorbing supply. Their holdings stand at about 14.57 million BTC, while selling over the past 30 days totaled just 42,100 BTC, a low level for this year.

Institutional demand has also been flowing in. A Bitwise report showed institutional investors bought about 92,900 BTC over the past month, while net on-chain selling during the same period was limited to about 14,900 BTC. The figures suggest buying demand is outweighing selling pressure.

Still, short-term price action has softened. Cointelegraph reported that Bitcoin faced resistance twice near $79,400, forming a short-term double-top pattern, and may revisit the $74,700 to $73,700 range.

That area is considered a key support zone. Holding that range would keep the medium-term uptrend intact, while a break below it could lead to greater volatility.

The derivatives market is also adding near-term pressure. About $1.2 billion of sell orders recently hit Binance in a short period, while the 30-day funding rate fell to around -7%, signaling an extreme tilt toward short positions.

At the same time, that positioning could raise the chances of a short squeeze. Cointelegraph said a break above $80,000 would invalidate the short-term bearish pattern and could strengthen upside momentum.

Michaël van de Poppe, founder of MN Capital, said the area around $74,000 could serve as both a short-term correction zone and a test of demand. If demand holds there, Bitcoin could attempt to reclaim $80,000 and open room for a move toward $85,000 to $88,000.