Bitcoin Whales Load Up on Billions of Dollars in BTC Amid Market Weakness

Bitcoin whales have been buying up significant amounts of BTC in recent months, sparking speculation that 'conviction buyers' may be calling the bottom of the market.

According to data from CryptoQuant, large holders have added approximately 43,000 Bitcoin over the past 60 days, worth around $2.75 billion at current prices.

This accumulation comes as the Exchange Whale Ratio has dropped, indicating that whales are relatively inactive and a bias toward accumulation is present.

Ali Martinez, a leading cryptocurrency analyst, noted that miners have increased selling pressure, with data showing 1,648 BTC moved out of miner wallets over the past 10 days.