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Bitcoin has continued to show weakness in price movement, with limited upside momentum over the past several weeks. The cryptocurrency has declined by 22.3% in the last month alone, bringing its price down to $83,191 at the time of writing.
The drop reflects ongoing uncertainty in the broader crypto market, as investors are struggling with reduced risk appetite and a lack of strong bullish catalysts.
Whale Accumulation Patterns Echo Previous Bull Market Phases
Despite the downtrend, recent on-chain activity suggests that certain investor cohorts remain confident in Bitcoin’s long-term value. In particular, whale addresses—wallets holding between 1,000 and 10,000 BTC—have demonstrated a historical correlation with Bitcoin’s price trends.
According to CryptoQuant contributor Mignolet, the current market cycle bears a resemblance to the 2020 bull cycle, where these whales exhibited accumulation behavior during bearish sentiment phases.
Mignolet noted that these patterns occurred three times throughout the 2020 cycle, each coinciding with brief drawdowns in price. In the current phase, similar accumulation activity is being observed among whale entities, particularly those with holdings in the 1,000 to 10,000 BTC range.
These patterns, as Mignolet suggests, may indicate that these market leaders are not exiting their positions, despite price pressure. Notably, the significance of whale behavior lies in its historical influence on market direction.
As long as whales remain in accumulation mode, it could provide a base of support for the broader market and reduce the likelihood of further rapid declines. However, this dynamic does not eliminate the possibility of continued volatility, especially if broader market sentiment does not improve.
Bitcoin Short-Term Holders Show Signs of Capitulation
In contrast to whale activity, short-term holders (STHs) are showing signs of distress. Another CryptoQuant analyst, Darkfost, highlighted that the Short-Term Holder Spent Output Profit Ratio (SOPR) has remained below 1.0 for over two months, currently hovering around 0.98.
This metric compares the selling price of Bitcoin with its acquisition price. When it falls below 1, it suggests that holders are selling at a loss—often viewed as a sign of capitulation.
STH Capitulation
“When this ratio drops below 1, it signals capitulation among STHs, often leading to short-term price declines.
We can confirm this trend by observing the $BTC being sent to exchanges at a loss.” – By @Darkfost_Coc
Link ⤵️https://t.co/BUIo9caGck pic.twitter.com/QfNfFpT9VL
— CryptoQuant.com (@cryptoquant_com) March 31, 2025
Additionally, on-chain data shows that approximately 46,000 BTC have been sent to exchanges at a loss in recent weeks, highlighting the stress among STHs.
Historically, periods of heavy short-term capitulation have often preceded market bottoms, as weak hands exit positions and longer-term investors take advantage of the discounts.
Featured image created with DALL-E, Chart from TradingView
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
