Bitcoin (BTC) is flowing into accumulation addresses, with a mix of whale demand and retail buying. US-based investors are the most active, increasing their share of buying since the last quarter of 2024.

The holdings of large short-term Bitcoin holders, otherwise called new whales, continue to rise, potentially indicating that the asset is still firmly in a bull market. Over the past few weeks, the Bitcoin bull market has repeatedly come under question as the asset's price has seen wild swings without a clear direction.