A picture showing whale behavior clearly during the period between November 2024 and May 2025. We notice that addresses holding between 10 to more than 10,000 Bitcoins started increasing their holdings consistently, as evidenced by the rising green curve, indicating a strong accumulation process. In contrast, we see that the ratios of stablecoins within large wallets have been continuously declining since November, which means this liquidity has been used to enter the market and buy Bitcoin.
Notably, this behavior occurred during a period when the price was not moving strongly upward, indicating that these entities were buying quietly and strategically during periods of stagnation or decline, and the volume of movements (green bars) increased noticeably during the same period, indicating heightened trading and accumulation activity from these entities.
