Bitcoin Whales Load Up on $2.75 Billion Worth of BTC, Conviction Buyers Emerge

Bitcoin whales have been on a massive buying spree in recent months, adding around 43,000 BTC worth approximately $2.75 billion at current prices to their holdings over the past 60 days.

This significant accumulation of Bitcoin by large holders has led analysts to speculate that 'conviction buyers' may be calling the bottom for the cryptocurrency.

According to Glassnode, a blockchain analytics firm, strong hands are buying BTC, and this setup looks similar to what was seen during 2022 when bottoms were formed.

The largest increase in BTC held by conviction buyers occurred when Bitcoin dropped to $60k in January.