$63 Billion in Bitcoin Scooped Up by New Whales, Is $135K Still in Play?

Bitcoin's price has recently declined by about 5.8% from its all-time high, currently trading around $105,062. Despite the pullback, on-chain data reveals significant accumulation by new Bitcoin whales. These whales, holding at least 1,000 BTC with coins aged under six months, have drastically increased their holdings. This group of new whales more than doubled their Bitcoin holdings between March and June 2025. Their share of Bitcoin's supply grew from 2.5% to 5.6%, removing a substantial amount from active circulation. This behavior suggests long-term investment and supply absorption. Analysts see this whale activity as a sign of changing market dynamics. Continued withdrawal from circulation could lead to price compression and subsequent volatility. Technical analysis indicates a possible bullish pattern emerging for Bitcoin. A right-angled descending broadening wedge breakout has been observed on the chart. Maintaining levels above the breakout zone suggests a potential target of $135,000 in 2025. This technical outlook aligns with the expectation of upcoming macroeconomic catalysts.