Whales rebuild Bitcoin holdings to five-month high

Large Bitcoin wallets holding between 1,000 and 10,000 BTC added about 240,000 BTC from December to May, bringing their combined balance to roughly 3.09 million BTC, a level last recorded on November 11, 2025, according to on-chain data provider CryptoQuant.

Institutional investors increased holdings by about 92,900 BTC over the past month, Bitwise reported. On-chain realized cap flows showed net selling near 14,900 BTC in the same period. Long-term holders now hold about 14.57 million BTC; distribution from long-term holders totaled about 42,100 BTC over the prior 30 days, one of the lower readings in 2026, CryptoQuant data show.

Four-hour price charts show a potential double top near $79,400 after two quick rejections. Trading around $77,700, Bitcoin displayed weaker buy volume on the second pullback. Traders identify liquidity pockets near $74,700 and $73,700. The $74,700 level sits just above the 100-period exponential moving average on the four-hour chart, and a move toward $73,700 would test higher-time-frame support and prior higher-low ranges.

Derivatives activity included more than $1.2 billion in taker sell volume on Binance within an hour, an amount flagged by analyst Darkfost as contributing to a sharp intraday decline. Futures funding rates were deeply negative, near -7% on a 30-day basis, one of the lowest readings on record.

Michaël van de Poppe, founder of MN Capital, wrote that the price is holding key levels and identified upside targets of $85,000 to $88,000 for May.

Market participants are watching whether Bitcoin holds the $74,700–$73,700 reset zone and whether futures funding and taker flows change. A sustained move above $80,000 would invalidate the double-top pattern and alter short-term technical momentum.