Bitcoin Whales Accumulate $2.75B as Market Signals Potential Bottom
Bitcoin whales have returned to buying mode after months of selling, potentially signaling a market bottom. According to on-chain data from CryptoQuant, large holders accumulated a net increase of approximately 43,000 BTC in the past 60 days, worth around $2.75 billion at current prices.
This trend began when Bitcoin's price dropped to about $60,000, marking a shift back to accumulation by this group after months of constant selling. Data from Glassnode shows that mid-sized holders with 100-1,000 BTC and ultra-large investors holding over 10,000 BTC have also recently exhibited accelerated buying behavior.
Despite the encouraging accumulation signals, the macro headwinds facing Bitcoin remain significant. The cryptocurrency's price has fallen about 50% from its October peak, currently trading near $64,000. Outflows from crypto-themed ETFs continue, and retail investors had already exited the market in large numbers during the earlier price drop.
Nexo research analyst Dessislava Ianeva pointed out that the current market is characterized by insufficient participation and lack of confidence, with general trading sentiment remaining weak. She cautioned that whale buying in low-volatility environments can validate structural accumulation but does not guarantee a broad-based bull run.