Blockchain analytics firm IntoTheBlock noted on Monday that the largest holders of ether (ETH) have grown their share of holdings since 2019, continuing to accumulate more ether over time. This cumulative behavior accelerated further in early 2023, coinciding with the timing of the Shapella upgrade.

A chart from IntoTheBlock shows that these whale addresses currently control more than 43% of the circulating supply of ether, close to the 48% held by retail investors combined.

Source: IntoTheBlock

In terms of Bitcoin (BTC), Pedro M. Negron, a research analyst at IntoTheBlock, said in a report released last week that wallet addresses holding 100 to 1,000 BTC are immune to market disturbances and have remained stable amid recent market fluctuations. Steady accumulation has continued over the past few months.

The chart shows that these addresses now control 20.3% of Bitcoin’s circulating supply, equivalent to 4.01 million BTC, which is a 5% increase compared to six months ago.

Source: IntoTheBlock

IntoTheBlock noted that this group consists of just 14,000 addresses, accounting for just 0.03% of the total addresses with balances on the Bitcoin blockchain. The company went on to write:

“Despite the price decline, institutions and whales continue to accumulate Bitcoin, and this group proves it. 100 Bitcoins are currently worth more than $5.6 million.”

Bull market peak forecast for summer 2025

IntoTheBlock also pointed out in the report that based on the past three Bitcoin bull and bear cycles, the average time between the Bitcoin halving event and the subsequent market cycle peak is about 480 days. If this cycle runs according to this assumption, the cycle peak of Bitcoin prices may occur in the summer of 2025.

Source: IntoTheBlock

Cryptocurrency venture capital firm Pantera has also predicted the cyclical trend of Bitcoin. They believe that the peak period after Bitcoin halving will occur in August 2025, when the price will reach $148,000 (Note: Pantera may have revised this Analysis, its latest forecast price insurance is $117,000).

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