Bitcoin Whales Build Record Holdings Amid Macro FUD

Bitcoin's price action and whale behavior have diverged in recent times, with on-chain metrics showing that the number of addresses holding over 100 BTC has reached an all-time high. This trend is significant, as it suggests that whales are using volatility as an entry point to capture outsized returns.

According to DeFiLlama, there has been $1 billion in new stablecoin liquidity this week, pushing the market cap back near $310 billion and highlighting a clear link between liquidity, stablecoin inflows, and whale positioning.

The recent surge in the U.S. M2 money supply to an all-time high of $22.45 trillion has contributed to increased liquidity flowing back into Bitcoin, providing long-term support for the asset. This has counteracted the effect of Tether's (USDT) market cap dropping over $3 billion since mid-January.