Bitcoin Tops $68,000 for First Time Since June Amid Whale Buying Resurgence

Bitcoin has regained ground above $68,000 for the first time since June as large investors, or 'whales', have resumed buying.

The move came after a decline in US Treasury yields and news of increased bond buyback operations. The 30-year Treasury yield dropped about eight basis points to 5.2%, while the 10-year yield also declined.

Data from CryptoQuant shows large holders accumulated around 43,000 tokens over the past 60 days, worth approximately $2.75 billion at current prices.

Smaller investors have also increased their balances, with Glassnode data pointing to buying among several groups of investors.

BlackRock has described Bitcoin's decline as a 'positioning correction' rather than a change in its investment case and expects the cryptocurrency's correlation with traditional risk assets to decline.