Large Bitcoin holders, known as “whales,” are demonstrating the highest accumulation rate of this cryptocurrency in over eleven years. Analysts at CryptoQuant note that the influx of capital from large investors has reached an all-time high, leading to significant changes in market structure. According to them, the rate at which Bitcoin is being moved by major players has already surpassed all previous peak values, including periods of maximum and minimum prices in the market.
This is reported by Finway
“This dynamic indicates aggressive accumulation by whales, suggesting a large-scale capital redistribution and potential increase in market volatility.”
Massive Accumulation and Miners’ Positions
The miners’ position index (MPI) is currently around -1.04, one of the lowest values recorded throughout the observation period. In the last eleven years, this is only the third time that the 30-day moving average has dropped to such a level. This indicates a significant reduction in the number of Bitcoins that miners are selling on the market compared to the annual average.
Experts explain this by several key factors: an increase in the accumulation of mined coins, expectations of further Bitcoin price growth, and a general decrease in selling pressure. A low MPI level is traditionally seen as a positive signal for the market, as it reduces the supply of coins. At the same time, analysts emphasize that this indicator alone does not guarantee future price increases. Historically, local Bitcoin price minima have often formed after the MPI began to recover, rather than during its lowest values.
Decoupling Between Bitcoin and S&P 500
Another important trend has been the continued divergence between the dynamics of Bitcoin and the S&P 500 stock index. According to CryptoQuant, there has not been such a prolonged period of differences in the behavior of these markets since 2020. In particular, after the significant correction of the crypto market on October 10, 2025, during which stocks continued to rise, Bitcoin remained under pressure. Among the factors influencing this trend, analysts cite increased geopolitical tension, which has made the crypto market particularly sensitive to stressful events.
Recall that earlier analyst Willy Woo warned investors about the possibility of a “bull trap” during the rise of Bitcoin to the $80,000 mark.