The cryptocurrency market in spring 2025 shows mixed signals: on one hand, Bitcoin accumulation by large holders continues; on the other, investor activity is falling, and market sentiment suggests growing caution. Meanwhile, Ethereum network fees have hit record lows — for the first time in the past five years.
Whales Are Accumulating BTC, but Overall Balances Are Declining
Since early March 2025, the number of addresses holding between 1,000 and 10,000 BTC has steadily increased, indicating renewed activity from major holders. Analysts call this behavior a “phase of silent accumulation,” when big players buy up the asset in anticipation of a possible price surge.
However, there’s an interesting twist: the total balances across all whale wallets have dropped by 30,000 BTC over the past week. This could point to redistribution within the group — some whales might be selling while others are accumulating.
This scenario mirrors the spring of 2024, when the market fluctuated between consolidation and growth phases, and the actions of large players shaped the price trajectory.
Realized Capitalization of BTC Hits Record — but Market Cools Down
Alongside the accumulation trend, Bitcoin’s realized capitalization has reached a new all-time high of $872 billion. This metric reflects the total value of all BTC based on their last transaction price and serves as an indicator of actual capital invested.
Yet despite the record, the capitalization growth rate has slowed to just 0.9% per month — a sign of declining interest in crypto at current price levels.
Analysts note that the number of new investors is decreasing, and existing holders are showing less activity. This indicates a cautious market that isn’t ready to place large bets on further growth — just yet.
This is further supported by the realized profit and loss chart adjusted for volatility, which has shown an almost perfect balance between buyers and sellers in recent weeks. This equilibrium pattern is typical during periods of uncertainty and anticipation of a market catalyst.
Cryptollica Forecast: BTC to Reach $155,000 by Year-End
Despite the current market “silence,” analysts at Cryptollica remain bullish. According to their projections, Bitcoin could reach $155,000 by the end of 2025.
They link this forecast to BTC’s correlation with gold: historically, Bitcoin lags behind gold price movements by approximately 100–150 days. Since gold has already hit new all-time highs, the market expects a similar move from digital gold.
Additionally, BTC is mirroring the dynamics of the M2 money supply, which is also showing signs of growth. This macroeconomic metric is increasingly used in crypto analytics as an indicator of long-term market trends.
Ethereum Fees Hit 5-Year Low
As activity in the Ethereum network declines, transaction fees have fallen to levels last seen in May 2020. According to Santiment, the average ETH transaction fee is now around $0.16 — a record low for the past five years.
Researcher Brian Quinlivan explains: “The drop in fees is tied to a decrease in the number of users interacting with the Ethereum network — whether through transfers, DeFi, or NFTs.”
This is due to low network congestion: fewer transactions mean less competition to be included in a block. On one hand, this could be seen as a temporary pause; on the other, it may signal waning interest in the Ethereum ecosystem.
The crypto market in spring 2025 finds itself in a state of uncertainty. Whales are continuing to accumulate BTC, but overall activity is dropping. Realized capitalization is hitting records, yet the flow of new investments is slowing. Forecasts remain optimistic, but short-term signals point to a pause in upward momentum.
Ethereum, meanwhile, is experiencing historically low fees — which could either spark renewed activity or hint at declining interest.
Either way, the market is in a holding pattern. And as history often shows in crypto — stillness always comes before the storm.
