Bitcoin Regains $85,000 Amid Expanded Whale and Retail Accumulation
Bitcoin has regained its spot above $85,000 after showing its most pronounced accumulation trend since 2023. According to a report by blockchain media outlet Cryptopolitan, accumulation by whales and retail investors expanded together as exchange outflows and transfers to self-custody wallets rose to their highest levels since 2023.
The move to shift Bitcoin off exchanges is interpreted as a response to growing geopolitical uncertainty. As a risk asset similar to the Nasdaq in a bull market, Bitcoin also serves as a reserve asset that can be traded and used for payments 24 hours a day.
Total exchange holdings are about 2.7 million BTC, near a record low, despite recent miner deposits not increasing reserves. The recent Bitget hack could further spur moves to protect personal holdings directly, suggesting crypto investors are maintaining long-term storage even as spot ETF accumulation continues.