Bitcoin Whales Soak Up 300% of Newly Mined Bitcoin Supply — Is $100K Next?

Bitcoin (BTC) price is experiencing a technical breakout that could propel the cryptocurrency to $100,000 by May.

The latest on-chain data shows that Bitcoin’s (BTC) wealthiest traders and investors are increasingly bullish on BTC despite adverse macroeconomic factors that are causing downside risks.

Bitcoin Whales Absorbing 300% of New Supply

According to data from Glassnode, Bitcoin whales and large investors are now absorbing Bitcoin at a record rate - more than 300% of annual issuance, while Bitcoin on exchanges is flowing out at an unprecedented rate.

Notably, the annual absorption rate on Bitcoin exchanges has fallen below -200%, indicating that investors are increasingly leaning towards self-custody or long-term investment as outflows continue.

Meanwhile, larger holders (100–1,000+ BTC) are absorbing Bitcoin at a rate more than three times that of new issuance, marking the fastest accumulation rate by whales and large investors in Bitcoin’s history.

This marks a structural shift as Bitcoin is increasingly adopted by the traditional financial sector, especially after the approval of a Bitcoin spot ETF last year. As a result, the supply of Bitcoin on crypto exchanges has decreased and the long-term bullish confidence of large holders has increased.

Most groups are buying Bitcoin on dips

According to Glassnode data, Bitcoin whales holding more than 10,000 Bitcoins remain in a strong accumulation zone, with a trend accumulation score of about 0.7 as of April 18.

This metric quantifies the behavior of different groups, ranging from allocation (0) to accumulation (1). The score represents the confidence of the largest Bitcoin holders.

In contrast, the selling of smaller groups that have been allocating since the beginning of the year appears to be slowing down. This includes groups holding 10–100 BTC and 1–100 BTC, whose scores have returned to the neutral zone, around 0.5.

Even the smallest group (holding

On-chain analyst Mignolet added that this whale behavior is similar to what was seen before the 2020 Bitcoin bull run.

Bitcoin’s descending wedge breakout hints at $100K

Bitcoin has broken out of a multi-month descending wedge pattern, suggesting a possible bullish reversal that could push Bitcoin prices to $100,000 in May.

A descending wedge is formed when price action converges between two downward sloping trendlines, ultimately resolving with an upward breakout. Traders typically calculate upside targets by measuring the maximum height of the wedge and adding it to the breakout point.

Applying this technical analysis rule, Bitcoin’s target price would be over $101,570.

In contrast, Bitcoin’s price is testing its 50-day (red wave) and 200-day (blue wave) exponential moving averages (EMAs) around $85,300 as resistance. If a bounce off these EMAs turns bearish, Bitcoin’s price could fall back to near the upper edge of the wedge, around $80,000.

Market analyst Scott “The 200-day moving average remains as resistance above and the $88,804 level remains a key barrier to shifting market structure and making higher highs,” Melker wrote. “This is encouraging but not convincing yet. Bulls need to show further strength,” he added.