Bitcoin whale activity picked up in March and April this year, observed crypto YouTuber Lark Davis on April 16.

Over the past two months, large holders with a balance from 1,000 to 10,000 BTC “have been buying like never before,” he added, citing a chart from CryptoQuant.

The graph shows a steep increase in whale balances since February, accelerating into April. Conversely, BTC prices have been in a correction since mid-January, with the chart showing that buying by this cohort has increased as prices have fallen.

Have you been stacking sats while prices dropped?

If so, then you’re in good company, as whale activity picked up in March and into April this year.

In the past 2 months, large holders (those with a BTC balance from 1K to 10K) have been buying like never before pic.twitter.com/rkgfa5GZnj

— Lark Davis (@TheCryptoLark) April 15, 2025

Global Liquidity Rising

On April 15, CryptoQuant head of research, Julio Moreno, reported that the analytics platform’s “Bull Score Index” has been “Off”, or below 50, for 58 of the last 60 days, adding that this is a condition “historically associated with negative price trends.”

However, this does not necessarily mean that the bull market is over, as corrections larger than 30% are quite common in this phase of the market cycle.

On-chain and cycle analyst ‘Root’ looked at the bigger picture, observing that global liquidity is at an all-time high. Global liquidity, which is a measure of the circulating money supply, has been closely correlated with Bitcoin prices over the past decade.

Global liquidity at an ATH, rising steeply. #Bitcoin pic.twitter.com/Ytg7PUe2Gz

— Root (@therationalroot) April 14, 2025

Investor Mike Alfred shared the sentiment, stating that there is a lot of noise in the market right now, “but what’s important is that M2 is spiking.” M2 is a measure of the amount of liquid currency in circulation.

“GameStop is buying, Saylor is adding, other corporates are loading, nation states are scheming, and the blocks keep minting,” he said.

An increase in global money supply is usually a product of central bank printing to put out economic fires. However, it is bullish for crypto as there is more liquidity for high-risk assets.

Global Money supply is going completely parabolic.

We will go to unimaginable heights.

Are you positioned? pic.twitter.com/FJQUnwSUKC

— Gordon (@AltcoinGordon) April 15, 2025

Crypto Market Outlook

In the short term, crypto markets remain on the bearish side, with another 4% retreat in total market capitalization over the past 24 hours.

Bitcoin fell from an intraday high of $86,000 to $83,270 during the Wednesday morning Asian trading session, and recovery has been sluggish. The asset is still range-bound in what has been described as a “boring” market.

Ethereum remains in the grips of the bears, having fallen below $1,600 and failing to reclaim that level as the majority of the altcoins see red today.