New on-chain data reveals that Bitcoin whale activity — addresses holding more than 100 BTC — has surged to an all-time high, coinciding with the cryptocurrency’s impressive price performance. As major holders continue to accumulate, Citigroup analysts project that Bitcoin’s bull market could extend through 2026, paving the way for fresh all-time highs.
Bitcoin Whales Accelerate Accumulation, Exchange Supply Shrinks
According to on-chain data, the number of wallets holding at least 100 BTC has surpassed 20,000 for the first time ever. Experts interpret this milestone as a clear sign of aggressive accumulation by institutional investors and long-term holders.
As more Bitcoin moves into private wallets, the circulating supply on exchanges continues to shrink, creating ideal conditions for the next major rally — with demand staying strong while supply tightens.
Historically, surges in whale addresses have often coincided with sustained bull markets. Between 2014 and 2020, the number of such large wallets remained relatively flat around 16,000 despite significant price volatility. Since 2022, however, whale addresses have risen steadily alongside Bitcoin’s upward momentum.
Earlier this week, whales reportedly transferred over 15,000 BTC to exchanges — a move seen as consolidating their positions ahead of possible market swings.
Citigroup: “The Bull Market Could Last Until 2026”
Despite short-term correction fears, Citigroup analysts remain optimistic. In a recent interview, a Citigroup executive said investors increasingly view Bitcoin as a premier hedge asset, potentially replacing gold in portfolios — a shift that could drive prices higher through late 2026.
Previously, Citigroup forecast Bitcoin to end the year between $133,000 and $181,000, marking new all-time highs. The bank also projected Ethereum could reach $6,400, though it warned of a potential retracement to $2,200 if momentum fades.
Over the past month alone, Bitcoin has surged past $126,000, posting double-digit gains and creating more than 70,000 new crypto millionaires worldwide — with whales emerging as the biggest winners.
