$63 Billion in Bitcoin Scooped Up by New Whales, Is $135K Still in Play?

Bitcoin is so far facing a notable pullback in price, with its price now down roughly 5.8% from its all-time high recorded last month. At the time of writing, the asset currently trades at $105,062, marking a 1.1% decrease in the past day.

Despite the pullback, on-chain data indicates a significant change in market behavior among large investors. A new set of Bitcoin whales—wallets holding 1,000 BTC or more with coins aged less than six months—has been accumulating the asset at an accelerated pace.

Young Whale Holdings Surge as Supply Share Tightens

According to a recent analysis published by CryptoQuant contributor “onchained,” this accumulation trend may reflect renewed conviction among high-capital participants preparing for future catalysts.

Between March 1 and June 4, 2025, the amount of Bitcoin held by this group of “new whales” more than doubled from approximately 500,000 BTC to over 1.1 million BTC. This represents an increase of around $63 billion in value.

During the same period, their share of Bitcoin’s total circulating supply grew from 2.5% to 5.6%, effectively removing an amount equivalent to nearly ten months of Bitcoin mining output from active circulation. Notably, this measure excludes long-dormant wallets, helping isolate recent capital inflows.

This trend suggests a combination of long-term positioning and active supply absorption, which historically has preceded significant price volatility.

Analysts view the emergence of new whale activity as a signal of shifting market structure, especially when paired with tightening supply conditions. If these entities continue to withdraw BTC from circulation without signs of immediate distribution, it could signal a period of price compression followed by upside volatility.

Technical Patterns Suggest Possible Breakout Levels

From a technical analysis perspective, Bitcoin may be forming a new bullish pattern. According to a recent post by the analyst known as “Titan of Crypto,” the asset has broken out of a right-angled descending broadening wedge, a chart pattern that can imply a trend reversal or continuation depending on confirmation.

#Bitcoin to $135,000 in 2025? $BTC has broken out of a right-angled descending broadening wedge.

If price holds above the breakout zone, $135,000 becomes a realistic target.

Structure is clean. pic.twitter.com/KqTkquDNhn

— Titan of Crypto (@Washigorira) June 3, 2025

If the price maintains levels above the wedge’s breakout zone, historical analysis suggests a potential upside target near $135,000 in 2025. This technical view aligns with the broader narrative of positioning ahead of expected macroeconomic catalysts.

Featured image created with DALL-E, Chart from TradingView

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