Bitcoin Whales Gobble Up 300% of Supply as $100K Target Comes Into View

Bitcoin Whales Gobble Up 300% of Supply as $100K Target Comes Into View

Bitcoin’s most powerful investors are making bold moves, absorbing more than three times the newly mined BTC supply — a signal that the $100,000 milestone may be closer than it seems.

Whales Are Quietly Hoarding Bitcoin at Record Levels

Despite global economic headwinds, Bitcoin whales and sharks — those holding between 100 to over 1,000 BTC — are accumulating at the fastest pace in Bitcoin’s history, according to on-chain data from Glassnode.

In fact, these large holders are now absorbing over 300% of the annual BTC issuance, while exchanges are bleeding coins at a historic rate. The net absorption rate has dropped below -200%, a clear indication that more BTC is being pulled off exchanges — either for long-term storage or self-custody.

“This behavior reflects deep conviction,” said one analyst. “When supply dries up and demand persists, prices tend to move fast.”

This activity marks a structural shift in Bitcoin’s market dynamics, fueled in part by traditional finance institutions adopting BTC through spot Bitcoin ETFs, approved last year.

All Eyes on $100K as Technical Breakout Emerges

Bitcoin’s chart is also pointing skyward. The BTC/USD pair has recently broken out of a multimonth falling wedge pattern, a classic bullish reversal signal.

The technical setup projects a potential upside to over $101,000, derived by measuring the height of the wedge and applying it to the breakout point.

At the time of writing, BTC is flirting with key resistance levels — the 50-day and 200-day Exponential Moving Averages (EMAs) — around $85,300. These levels must be decisively broken for the rally to continue.

“Encouraging – but not convincing – yet,” cautioned crypto analyst Scott Melker. “Bulls need to follow through with strength.”

Accumulation Is Spreading Across Investor Cohorts

Glassnode’s Trend Accumulation Score, a metric that gauges the appetite of different wallet sizes, shows that whales with over 10,000 BTC are still heavily accumulating, scoring around 0.7 (on a scale from 0 to 1).

Interestingly, even retail cohorts — from <1 BTC up to 100 BTC — are beginning to return to neutral or modest accumulation. This marks a reversal from earlier sell-offs, especially among smaller holders who had been distributing earlier this year.

On-chain analyst Mignolet notes the current whale behavior mirrors trends seen before the 2020 bull market, which saw Bitcoin surge to all-time highs.