Bitcoin whale wallets have accumulated 270,000 BTC over the past 30 days, the largest monthly whale buy since 2013, according to on-chain data tracked by SpotedCrypto. Addresses holding 1,000 or more BTC grew from 2,082 in December 2025 to 2,140 today, while the number of wallets holding 100+ BTC hit a record 20,031.

At the same time, Bitcoin held on exchanges has dropped to 2.21 million BTC, just 5.88% of total circulating supply and the lowest level since 2017. A net 48,200 BTC left exchanges in the past month, with 32,000 BTC ($2.26 billion) withdrawn in a single session on March 7, the largest single-day outflow on record. When available supply falls this low and demand picks up, price moves tend to be disproportionately sharp. The last comparable period in mid-2019 preceded a roughly 180% rally over 12 months.

Institutional players are driving much of the accumulation. BlackRock's IBIT ended Q1 with roughly $55 billion in assets and over 800,000 BTC, commanding nearly 50% of the U.S. spot Bitcoin ETF market. Last week alone, IBIT pulled in $284 million in a single day as part of $664 million in total ETF inflows on April 17. Strategy (formerly MicroStrategy) now holds 780,897 BTC after adding 13,927 BTC for $1 billion last week, funded through preferred stock sales.

But here is the tension: CoinDesk reports that broader 30-day apparent demand is negative 63,000 BTC. The wider market is selling faster than institutions can absorb. Fear & Greed sits at 21, deep in "Extreme Fear." Institutions are buying into a market that most participants want out of. Whether that signals a bottom or a trap depends on which side of the trade you believe in.

Sources: SpotedCrypto, CoinDesk, CoinEdition, BeInCrypto, AMBCrypto, CryptoTimes