According to data from Glassnode, BTC has posted a +656% gain since its 2022 cycle low—just behind the +1076% surge from 2015 to 2018 and the +1007% rally seen from 2018 to 2022.
This performance is particularly notable given Bitcoin’s much larger market capitalization today, suggesting that demand growth is keeping pace with the asset’s maturation.
The data supports a narrative of sustained investor appetite, with institutional and long-term holders playing a critical role. That sentiment is echoed by CryptoQuant analyst Merlijn The Trader, who highlighted a sharp increase in whale accumulation. BTC whale holdings have now reached a 12-month high, signaling that large investors are buying dips aggressively while retail participants remain cautious.
The accompanying chart shows a steady rise in the total balance of whale wallets—excluding exchange and mining pool addresses—indicating strategic positioning as prices consolidate.
These entities appear to be capitalizing on temporary market weakness, preparing for a potential breakout aligned with historic cycle trends.
This alignment of strong cycle returns with increasing whale accumulation suggests growing conviction among sophisticated investors. As retail sentiment remains hesitant, the divergence could foreshadow a continuation of the current bull phase, driven by institutional buying and the underlying supply-demand dynamics that have historically propelled Bitcoin to new highs.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/market/bitcoin-whale-holdings-hit-12-month-high-what-do-they-know/