Over the past four weeks, a wave of Bitcoin whale accumulation swept across the crypto market despite minimal price movement. According to blockchain analytics firm Santiment, addresses holding between 10 and 10,000 BTC collectively acquired 53,652 bitcoins worth approximately $4.6 billion from March 22 to April 19.
These entities, commonly referred to as whales and sharks, now control 13.45 million BTC, which equals 67.8% of the circulating supply. The trend suggests a long-term strategic positioning amid a broader crypto market flat trend.
Abraxas Capital Leads the Whale Activity
One of the most notable buyers during this accumulation period was Abraxas Capital, a digital asset investment firm. Between April 16 and 19, Abraxas moved 2,949 BTC — valued at around $250 million — off exchanges Binance and Kraken, according to Lookonchain.
“Abraxas isn’t here for short-term moves. While retail panics, focused players accumulate,” commented one community member on X.
The company now holds 2,983 BTC, signaling strong confidence in future market performance. This specific Abraxas Capital bitcoin purchase stood out in a period otherwise dominated by indecisiveness and low volatility.
Whale Appetite Grows, but Price Remains Flat
Despite significant accumulation by institutional players and ETF issuers, Bitcoin’s price rose only 1.2% during the same time frame. The stagnant price action continues to puzzle retail traders, but analysts point to a major offsetting factor: miner bitcoin selling.
Throughout Q1 2025, miners have steadily liquidated a portion of their holdings to cover operational expenses. In March alone, miners sold 42.36% of their mined BTC, which added considerable selling pressure and dampened price growth.
Supply Absorption in Progress
Although buying interest remains strong, price stagnation suggests that the market is in a supply absorption phase. Whales are scooping up coins, but consistent miner selling is balancing out demand.
If miner sell pressure eases and a macroeconomic catalyst appears, Bitcoin could break out of this narrow range. Until then, the Bitcoin whale accumulation continues silently — positioning the market for its next major move.
