Bitcoin price targets at $80,000 as 30-day whale purchases hit 13-year high.

Bitcoin has continued to trade near the $75,000 level as new on-chain data pointed to large-scale accumulation and tightening exchange supply, even as the asset repeatedly met resistance around the mid-$70,000 range. Market commentator Crypto Patel said whales bought 270,000 BTC over the last 30 days, describing it as the largest accumulation phase since 2013. At the same time, exchange reserves were reported to be at their lowest level since December 2017, focusing attention on available supply across trading venues.

Whale buying and falling exchange reserves

The reported purchase of 270,000 BTC over 30 days has become a central market talking point because it suggests concentrated buying by larger holders while exchange reserves continue to shrink. Lower reserve balances on exchanges are often interpreted as fewer coins being immediately available for sale, though short-term price direction can also be influenced by derivatives positioning and macro developments.

With whale accumulation strengthening and exchange balances declining, traders are watching whether the market is building a base for another move higher. Bitcoin has already recovered from the low-to-mid $60,000 range and returned to the mid-$70,000s, but it has not yet produced a clean breakout above the latest resistance band. That has kept attention on whether tightening supply can outweigh selling pressure that has appeared when BTC approaches the next key range.

Bitcoin negative funding rates

Derivatives data added another signal to the current setup. Glassnode data showed Bitcoin funding rates on a seven-day moving average falling to around negative 0.005%, the most negative reading since 2023.

In perpetual futures markets, negative funding typically means short traders are paying long traders, which often reflects a market leaning toward downside bets. Historically, deep negative funding rates have tended to appear near local lows because heavy short positioning can leave the market vulnerable to a squeeze if prices continue rising.

This dynamic has been especially relevant as Bitcoin continued climbing through March and April while funding remained deeply negative. The asset moved from the low-$60,000 area to around $75,000 despite the persistent bearish derivatives backdrop.

Ceasefire headline and futures flows

Bitcoin also reacted to geopolitical developments. The cryptocurrency rebounded after President Donald Trump announced a 10-day ceasefire agreement between Israel and Lebanon. Traders linked the announcement to broader hopes for progress in regional negotiations, including talks involving the United States and Iran. Bitcoin rose from an intraday low near $73,000 to roughly $74,800 following the announcement.

Market structure data further supported the risk-on tone. Over the past two months, Bitcoin trading volume has remained above altcoin volume, a pattern that has often been seen during periods of caution or transition in the crypto cycle. More recently, altcoin volume has started to recover, suggesting a potential shift in participation.

In addition, flows of Bitcoin into futures exchanges have increased since March, resembling patterns observed after the FTX collapse in late 2022.

What traders are watching next

With whale buying at a multi-year high, exchange reserves at their lowest level since 2017, and funding rates still deeply negative, the market focus is on whether Bitcoin can move beyond the $75,000 zone and build toward $80,000.