Bitcoin Whales Snap Up $2.9 Billion Worth of BTC Amid Price Lull

Bitcoin has been experiencing a prolonged slump that has driven out retail traders and drained billions from crypto funds. However, investors are getting some relief as large holders of Bitcoin, also known as whales, have started buying again.

According to CryptoQuant, these large holders have added approximately 43,000 Bitcoin over the past 60 days, worth around $2.75 billion at current prices. This change in behavior is significant, as it marks a shift from months of selling by these investors.

The buying spree by whales has been most pronounced when Bitcoin started trading around $60,000. This is also reflected in the growing balances of smaller holders, known as dolphins.