Bitcoin Whales Return in Force, Buy the BTC Price Rally, On-Chain Data Show

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By Omkar Godbole | Edited by Sheldon Reback Apr 25, 2025, 9:30 a.m. Whales are snapping up BTC. (NOAA/Unsplash) What to know : Glassnode data shows significant accumulation by entities holding more than 10,000 BTC. CryptoQuant data show the highest BTC outflow from exchanges in two years, indicating a preference for long-term holding. The price of bitcoin ( BTC ) price has recovered to $94,000 since hitting lows under $75,000 early this month. The surge is characterized by crypto whales, large investors with substantial capital, snapping up coins from the market, in activity seen as confirming the rally. The renewed demand from whales is evident in Glassnode's proprietary Accumulation Trend Score, which reflects the relative size of entities actively soaking up new coins on-chain. A score of 1 indicates that, on aggregate, the entities are accumulating, while a value close to zero suggests otherwise. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . As of Thursday, wallets holding over 10,000 BTC had an accumulation score of 0.90, and those with 1,000 BTC to 10,000 BTC scored 0.7. Smaller wallets were pivoting to accumulation with a trend score 0.5. "So far, large players have been buying into this rally," Glassnode noted on X. BTC holders' accumulation trend score by holding size. (Glassnode) Meanwhile, data from CryptoQuant revealed the highest BTC outflow from centralized exchanges in two years when analyzed using the 100-day moving average. "A review of historical patterns suggests that this could imply re-accumulation of assets by investors," commentators at CryptoQuant said . Outflows from centralized exchanges are taken to represent investor preference for direct custody of their coins, a sign of long-term holding strategy. Bitcoin Omkar Godbole Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot. X icon About About Us Masthead Careers CoinDesk News Crypto API Documentation Contact Contact Us Accessibility Advertise Sitemap System Status DISCLOSURE & POLICES CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . 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