The flagship cryptocurrency Bitcoin ($BTC) has been experiencing a significant influx of capital from whale wallets, with around $1 billion worth of BTC being added daily, according to blockchain data.
This information comes from Ki Young Ju, CEO of cryptocurrency analytics firm CryptoQuant. On the microblogging platform X (formerly known as Twitter), Ju noted that this substantial accumulation suggests these funds are “likely custody.”
In his post, Young Ju drew a parallel between Bitcoin’s current activity and the market behavior observed in mid-2020, preceding the 2021 bull run. During that period, Bitcoin’s price remained relatively stable, but on-chain activity, especially over-the-counter (OTC) transactions involving institutional players, was notably high.
Despite Bitcoin’s price stagnation over the past six months, the realized cap for new whales—a metric indicating the total value at which large investors acquire Bitcoin—has shown significant growth.
The current trend, resembling Bitcoin’s on-chain activity in 2020, could lead to a repeat of the subsequent bull run that peaked in record highs in 2021. Analysts believe Bitcoin is approaching its final resistance point at $69,000 before potentially breaking new ground.
Recently, a cryptocurrency analyst predicted that Bitcoin’s price could surge to $156,000 by May 2025, based on historical price action following its halving events.
During a Bitcoin halving, the coinbase reward miners receive per block is cut in half, effectively reducing the new supply entering the market. Historical analysis reveals a compelling trend: after the first halving in 2012, Bitcoin’s price soared by a phenomenal 8,300%. The second halving in 2016 saw a more moderate but still impressive increase of 288%. The halving in 2020 sparked a 540% surge within a year, with the most recent halving occurring in April of this year.
Considering these patterns, the analyst suggested that Bitcoin’s price could skyrocket by 127% from its level at the halving, potentially reaching between $115,000 and $156,000.