Well it could be that they are preparing themselves for a big rally, or maybe they are just whales, trying to out buy everyone and have a lot of Bitcoin at their disposal because we all know that sooner or later, we are going to hit new all time high again.
It's not that there is a possibility of a bull market in 2025, we are in the bull market already. Although it could be a different bull run since we have hit new all time high prior to the halving itself. But still we are very positive that somewhere next year, we might be really seeing a 6 digit price of Bitcoin.
It's a little bit of both; whales are constantly acquiring more Bitcoin; however, statistically, we've seen that major whales are upping their purchases if they're anticipating market growth. Also, I agree, we're already in the bull market, even though it doesn't seem that way. I remember reading another topic a few days ago that this has been the least volatile bull period Bitcoin has ever noticed. I'm also positive that in less than 6 months to a year, Bitcoin will have surpassed $100,000 and hit 6 figures.