TL;DR
- Bitcoin whale movements on exchanges have reached levels close to a five-year high, which has historically preceded strong BTC price surges.
- Miners have resumed accumulating BTC after months of constant selling, a key signal suggesting a bullish turning point in the market.
- Bitcoin’s critical support is at the $90,000 zone, a level sustained by large investors in recent months and which could be crucial for the next bullish rally.
Bitcoin may be on the verge of a new bullish phase as whale activity on exchanges shows signs of slowing down. Data from on-chain analytics platform CryptoQuant reveals that large-volume transactions to exchanges have decreased in recent weeks, a trend that in previous cycles has marked the beginning of significant price rallies for the digital asset, signaling potential market shifts ahead.
Whale Activity Hints at a New Rally
According to a recent report by CryptoQuant, the 30-day moving average of the Whale Exchange Ratio reached 0.46 on February 12, approaching a multi-year high. This represents a significant increase from the 0.36 levels observed in December 2024, when Bitcoin was hovering near its all-time highs. However, in the past two weeks, the trend has started to moderate, which could indicate a new accumulation phase by whales.
Historically, when large transactions to exchanges decline after a peak, the market tends to react with a strong rebound. This is because the available supply in the market decreases, creating scarcity and, consequently, a potential price surge for BTC, driving increased demand.
Miners Join the Accumulation
Another key market factor is miner activity, as they have resumed accumulating BTC after a prolonged period of selling. Over the past six months, miners liquidated large amounts of Bitcoin, exerting downward pressure on the market. However, this behavior has recently changed, coinciding with a “capitulation” phase that, in previous cycles, has marked the market bottom and preceded significant price increases.
Additionally, Bitcoin’s critical support stands around $90,000, a level that has been successfully defended by large investors who have held their positions within this price range for over three months. If this support holds, it could pave the way for Bitcoin to begin a new bullish run in 2025.
In this context, the combination of lower selling activity from whales, increasing accumulation by miners, and strong support at $90,000 reinforces the possibility that Bitcoin is on the brink of a new phase of explosive growth, potentially taking the digital asset to new all-time highs in the near future, attracting more investors, institutional interest, and traders.
