The purchasing activities of major investors in the Bitcoin market gained significant momentum in the first five months of 2026. According to on-chain data, the whales’ buying pace has reached almost the same level as the whole of last year. While this accelerated collection process is also observed in wallets with different portfolio sizes, it is stated that the selling pressure is low, especially in long-term balances, and deposits continue uninterrupted.
Change in Whales’ Foraging Behavior
In 2026, on-chain wallet analysis revealed that groups of whales continued to collect Bitcoin in high price zones. Despite the sudden price increases, no significant profit sales were observed at these addresses. It was observed that whale movements started from the bottom levels in 2023 and then continued at a similar pace during both the rise and correction periods.
In this new trend, not only traditional large investors, but also medium-sized wallets that have not been trading for a while started to open buy positions. Thus, not only short-term targeted transactions but also planned and gradual position expansion strategies come to the fore. Market experts emphasized that comprehensive positioning is based on fund flows, both forward and spot stock market flows.
It is stated that the intake of whales in 2026 reached the total of 2025 in just five months. The preservation of whale movements even during volatile periods indicates that the resistance level in prices may be permanent.
It is claimed that the expansion of liquidity on a macro scale, the demand for off-exchange custody and the increase in ETF investments are behind the whale movements.
Mini dictionary: Whale refers to investors or institutions that own large amounts of coins in the cryptocurrency markets and can influence the prices with their transactions.
Supply Contraction in Stock Exchanges Increases Liquidity Risk
The amount of Bitcoin held in exchanges has continued its downward trend recently. The free supply of bitcoin in the market has decreased as investors turn to custody services or hold their money long-term. This causes the price in the spot market to remain more sensitive to small amounts of buy or sell orders.
Liquidity depth is important to ensure that voluminous purchases and sales do not cause sudden price fluctuations in the market. Recently, a decrease in order book depth has been observed on both the buying and selling sides, which can cause large orders to quickly push the price up or down.
While continuity is ensured in ETF inflows and corporate investments, it is reported that the demand for BTC in the treasury accounts of state-linked investors and companies also narrows the stock market supply. These developments show that liquidity in the market has decreased and prices may rise more easily in case of new demands.
| Year | Whale Purchase | Stock Exchange Offering | ETF Demand |
|---|---|---|---|
| 2023 | starting from the bottom | gradual decrease | Low |
| 2025 | High | keep decreasing | It started to increase |
| 2026 (first 5 months) | 2025 level reached | lowest levels | High |
The lack of selling tendency by whales and long-term investors further limits the amount of the commodity on the exchanges, keeping the price under upward pressure. Additionally, the decrease in the order book depth on the exchanges indicates that the price movement may be harsher than expected in possible new buying waves.
Periodic Risks and Possibility of Fluctuation in the Market
Structurally, the decrease in both supply and order depth allows instantaneous movements in Bitcoin price to be more pronounced than in previous years. Experts claim that Bitcoins withdrawn from stock exchanges are under the control of experienced or institutional investors, thus signaling a new era in the market.
If the whale accumulation process continues beyond 2026, it may create extra liquidity fluctuations in the medium term. Stability in purchases can maintain pressure in price declines as well as in uptrends.
Large buyers in the Bitcoin market preferred to protect their assets instead of selling despite the rising prices. The decreasing amount of BTC on exchanges may make the price more volatile in possible new purchasing waves.
Market watchers are of the opinion that new waves of demand may affect the very limited liquidity and this may accelerate price movements. All these developments show that in the current cycle, Bitcoin is under the control of institutional investors and large accounts.
