Despite the price drop, the number of wallets holding 10 or more BTC continues to grow, reaching a historic high of 16.36 million BTC. This surge in whale activity indicates that large holders are optimistic and may expect Bitcoin to withstand this period of uncertainty.
The number of BTC holders among corporations is increasing. Bitcoin reserves of publicly traded companies reached $57 billion, according to Bitwise. In the first quarter, at least 12 public companies invested in Bitcoin for the first time. The total number of public companies with Bitcoin on their balance sheets increased to 79. The metric grew by 16% in the first quarter of 2025, reaching 688,000 BTC. Overall, over three months, companies increased their reserves by 95,431 BTC.
Matt Hougan from Bitwise stated that Bitcoin is behaving "noticeably differently" compared to previous cycles and corrections. He suggests that the cryptocurrency could outperform the stock market if macroeconomic obstacles are removed.
Hougan noted that despite the tariff shocks from Donald Trump in recent weeks and the subsequent volatility, Bitcoin has essentially remained at its previous level and appears to be an asset that is "ready to grow."