Long-term Bitcoin holders just recorded their biggest accumulation in a month, buying 800,000 BTC in 30 days, according to data from CryptoQuant. This is the largest monthly net increase in coins that have not been touched in over six months, meaning they are officially considered long-term holders. And this isn’t a bear market buying opportunity. These coins were purchased when Bitcoin was trading between $95,000 and $107,000, with the current price still above $100,000.
The term Long Term Holder is not just about wallet addresses, but also about the age of the coin. A coin is considered long term when it has not been moved for more than 180 days. So it is not just whales depositing money, but coins sitting idle for a long time. Currently, this tight holding trend is showing up in an impressive accumulation, which has only happened six times in Bitcoin’s 15-year history.
Since May 9, Bitcoin has been relatively flat, remaining in the $10,000 range, although it briefly rose to nearly $112,000, surpassing its previous high. But the rally was short-lived, with no shortage of interest. Over the past month, the Bitcoin ETF has attracted $3.5 billion in inflows over 12 trading sessions, marking its ninth week of inflows in the past 11 weeks. But the price has barely moved. That’s because of the ongoing ownership shift, according to Markus Thielen, head of research at 10x Research. The current demand isn’t particularly strong, as it’s largely offset by selling from large wallets. In other words, the original big holders—the so-called megawhales—are selling, but at a slow pace, waiting for institutions like ETFs and corporate treasuries to absorb them.
The real big buyers this year have been wallets holding 100 to 1,000 BTC, a group CryptoQuant calls dolphins, said Julio Moreno, head of research at CryptoQuant. ETFs may fall into this category. These aren’t individual investors or large whales, but rather institutions that have spread their bitcoin across many small wallets. For example, BlackRock owns about 550 wallets, each holding an average of 1,290 BTC, while Strategy (formerly MicroStrategy) controls 490 wallets, each holding an average of 927 BTC, according to an analysis by 10x Research. While these companies may seem like mid-sized holders, they’ve been amassing thousands of bitcoins through their small wallets. In reality, they’re big holders, buying thousands of bitcoins.
Meanwhile, the biggest Bitcoin miners in history, especially those from China, remain important. From 2013 to 2021, China accounted for 75% of the global mining capacity, generating about 15 million BTC. They still have at least 5 million coins left. In previous bull cycles, these wallets would often start selling on exchanges, but not this time. According to Thielen, these old wallets only release enough coins for ETFs and companies like Strategy to buy. They hold on tight and only release the amount of bitcoin that these institutions absorb.
But not everyone is buying as aggressively as they were in 2024. Strategy has slowed its buying pace due to tighter discounts and competition from other companies putting Bitcoin on their balance sheets. They are still the biggest public buyers, but not as aggressively as before. Whales holding 1,000 to 10,000 BTC, along with megawhales holding even larger amounts, have been net sellers in 2025. Small wallets with less than 1 BTC are also selling. But as long as dolphins are buying faster than whales are selling, the market will remain stable. If that reverses, the market will stagnate.
This imbalance creates a slight downtrend, making a breakout unlikely without a clear change in the tactical money flow indicator. Therefore, the correction phase is expected to continue.
Source: https://tintucbitcoin.com/ca-voi-bitcoin-mua-800000-btc-ky-luc/
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