Bitcoin Hits $93K as Whale Demand Surges, ETH Rebounds & Retail Sits Out

April 27, 2025

Bitcoin ended the week at $93,396, marking another milestone in its post-halving price action. Despite negative ETF flows, the flagship cryptocurrency has continued to climb — hinting at institutional accumulation rather than retail-led buying. BlackRock alone has purchased over $1.2 billion in BTC this week, pushing its total holdings to 2.77% of all Bitcoin in circulation.

On-chain data shows a key shift in market behavior: long-term BTC holders have slowed their profit-taking, indicated by the Value Days Destroyed (VDD) index flipping green again. Historically, this trend signals a maturing phase in bull markets, where seasoned investors hold tight — often before a broader speculative push.

A historical comparison is drawing attention. After Trump’s 2016 victory, Bitcoin began a historic bull run — but only 170 days post-election. Today marks exactly 170 days since the 2024 election, and the chart flashbacks are uncanny. If the pattern repeats, the biggest leg of this cycle could still lie ahead.

Bitcoin Performance vs the Naira, KES, and the Rand

Between April 21–27, 2025, Bitcoin surged over 7.2% before settling at a weekly gain of 4.12%, significantly outperforming African currencies such as the Nigerian Naira (USDNGN -0.43%), Kenyan Shilling (USDKES -0.35%), and South African Rand (USDZAR -0.65%). This divergence reflects growing confidence in Bitcoin as a hedge amid escalating macroeconomic uncertainties. Nigeria’s external reserves declined to $38.31 billion by the end of Q1 2025, reversing from a recent peak due to debt service obligations and continued dollar sales aimed at defending the naira. In Kenya, there is a persistent higher demand for US dollars-especially from sectors like manufacturing and energy-continues to outweigh available supply, putting downward pressure on the shilling. Initially, the rand hit an all-time low (R19.93/USD) following the activation of tariffs, which included a proposed 30% duty on South African goods. Although a last-minute reduction to a 10% global minimum tariff provided some relief, the uncertainty and risk of further trade disruptions weighed on the Rand.

BTC Vs. NSE and NGX

Over this period, Bitcoin outperformed both African stock indices, rising by 2.80%. In contrast, NGXGROUP declined by 2.29% and NSE fell by 1.39%. This highlights Bitcoin’s relative resilience and upward momentum, especially around April 29 when it peaked, while both stock indices experienced increased volatility and sharp declines toward the end of the period. The divergence underscores Bitcoin’s appeal as a non-correlated asset during times of regional market stress or weakness in African equities.

BTC Vs Altcoins

The Altcoin Season Index remains at historically low levels — typically a prelude to outsized altcoin rallies. Bitcoin’s dominance is rising, and altcoins continue to lag. This decoupling is stark, but may signal that altcoins are approaching a triple-bottom — a formation that has preceded major breakout seasons in past cycles.

On the other hand, Ethereum has broken out of its multi-month downtrend, briefly holding above $1,700. However, analysts warn that it’s too early to confirm sustained upside. End users appear indifferent, increasingly migrating to whichever chains offer the best UX — not necessarily Ethereum.

Bitcoin ETFs

This week marked the largest increase in new BTC whales in history. Deep-pocketed investors are accumulating at a rapid pace, likely contributing to the steady price grind despite low retail activity. With institutions like BlackRock leading the charge, confidence in long-term adoption remains high. There are now 72 ETFs pending with the SEC. These ETF include cryptos like $XRP, $LTC, $SOL $DOGE, $PENGU, and $MELANIA.

Market Related Charts

Strategy made 2,466% return since the Bitcoin era began — beating Nvidia, Tesla, Google, Apple, and Microsoft. Over the same period, Nvidia rose 808%, Tesla 155%, Alphabet 105%, Meta Platforms 91%, Microsoft 77%, and Amazon just 10%—all falling far short of the 2,466% return delivered by the standout Strategy.

Recent data shows 90% of memecoin traders either lose money or make less than $100. Only 0.5% of traders earn over $10,000 — a sobering stat as speculative fervor returns to fringe assets. The reality? Memecoins remain a high-risk game where odds rarely favor the retail crowd.

A $100 weekly DCA (dollar-cost averaging) into Bitcoin over the past five years would have turned $26,000 into $80,800 — a 208% return. That compares favorably to:

Gold: +63%

Apple: +35%

Dow Jones: +19%

The numbers underscore the power of patience in volatile markets.

Bitcoin’s market capitalization has now overtaken both Silver and Amazon, further cementing its role as a global macro asset. With liquidity rotation expected to intensify, BTC could soon target the next psychological milestone: a $2 trillion market cap.

We’re currently witnessing the largest increase in new whales in $BTC history.

Whales are stacking BTC at a record pace.

BlackRock Now Holds 2.77% of All Bitcoin

BlackRock has increased its Bitcoin holdings to 2.77% of the total supply, after purchasing $1.2 billion worth of BTC this week alone.

A key indicator shows Bitcoin’s price is now rising faster than the average entry price of all past holders — a sign of speculative premium. Historically, such setups have led to parabolic moves, often fueled by sidelined capital chasing upside

After a long drought, crypto venture capital funding in Q1 2025 hit its highest level since Q3 2022. The green shoots suggest a turnaround in developer interest and capital formation — particularly around infrastructure, L2s, and consumer-facing protocols.

Outlook

The week closes with a strange but bullish mix: retail still cautious, ETF flows negative, whales stacking, and macro signals aligning. If the 2016 post-election fractal holds true, Bitcoin’s next explosive leg may only be just beginning.

Disclaimer: This content is for informational purposes only and should not be considered legal, tax, investment, financial, or professional advice.

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