Bitcoin Whales End Selling, Accumulate Over $2.7 Billion in 60 Days

According to CryptoQuant, in the past 60 days, large holders have net accumulated approximately 43,000 bitcoins, worth about $2.75 billion at current prices.

Written by: Yang Chen, Wall Street Journal

Bitcoin whales are returning to the buying side, providing a potential bottom signal for the cryptocurrency market, which has been sluggish for months.

According to on-chain data from CryptoQuant, large holders have net accumulated about 43,000 bitcoins in the past 60 days, equivalent to approximately $2.75 billion at current prices. This trend began when the price of Bitcoin fell to around $60,000, marking a shift for this group after months of continuous selling back to accumulation.

Meanwhile, data from Glassnode shows that medium-sized holders with 100 to 1,000 bitcoins, as well as ultra-large investors holding over 10,000 bitcoins, have also shown an accelerated buying trend recently.

Currently, the price of Bitcoin has fallen about 50% from its peak last October and is trading around $64,000. Cryptocurrency-themed ETFs continue to face capital outflows, and Strategy, a company that previously was one of the most stable accumulators in the market holding a large amount of Bitcoin, has recently turned to net selling.

In the context of massive retail exits and low market sentiment, the re-entry of institutional-level large funds is seen by some investors as a positive signal that the market may be entering a bottoming phase.

Whales Return: Accumulation Across Multiple Holding Levels

This round of whale buying is not an isolated phenomenon but shows a general characteristic across holding levels.

Data from CryptoQuant (excluding exchange and mining pool accounts) indicates that large holders began to re-accumulate after Bitcoin prices stabilized around $60,000, with balances continuing to grow. Meanwhile, the balances of small and medium-sized holder groups have also risen in tandem.

Glassnode's data provides a more detailed perspective. Medium-sized investors holding 100 to 1,000 bitcoins have been continuously increasing their holdings, while those holding over 10,000 bitcoins are also in an active buying state.

Glassnode analyst Sean Rose stated that the relevant data "reflects the directional trend of accumulation behavior rather than mere net balance changes, and since the end of July, this trend clearly points to a comprehensive restart of buying across all holding levels."

The inherent properties of Bitcoin give this signal special reference value—whale groups have traditionally been seen as long-term believers in Bitcoin, with past behavior patterns focused on long-term holding. More noteworthy is the timing of the purchases: this time, it is not a chase for rising prices but an active entry during a period of sustained market weakness and price pressure.

Multiple Headwinds Continue to Suppress: Retail Exodus, Strategy Turns Seller

Despite the encouraging accumulation signals, the macro resistance facing Bitcoin cannot be ignored.

Bitcoin has currently fallen about 50% from its peak last October, with a relatively mild decline compared to various tokens, while other altcoins have suffered more severe losses. The outflow of funds from cryptocurrency-themed ETFs continues, and retail investors have massively exited the market during the previous downturn.

More concerning is the shift in position of Strategy. This company was previously one of the most representative institutional buyers in the Bitcoin market, but has now turned to selling, losing this traditional support force. Meanwhile, market trading activity remains low, with August spot trading volume dropping to the lowest level for the same period since 2021.

Nexo research analyst Dessislava Ianeva pointed out that the current market is characterized by insufficient participation and lack of confidence, with an overall weak trading atmosphere.

Bottoming or False Signal: Macro Environment Remains Key Variable

Whether whale accumulation can become a leading indicator for a new bull market is a matter of debate in the market.

Optimists believe that deep-pocketed investors actively building positions during a weak market phase have strong contrarian indicator significance, often appearing in the early stages of trend reversals. The synchronized accumulation behavior across all holding levels currently provides some basis for investors looking for market bottom signals.

However, Dessislava Ianeva holds a cautious view on this. She stated, "Whale buying in a low-volatility environment can confirm the existence of structural accumulation, but it does not guarantee that the market will immediately embark on a comprehensive and widespread bull market. A true overall market recovery first requires the cooperation of the macroeconomic environment."

This statement highlights the core contradiction in the current market: on-chain data shows that funds are quietly flowing in, but macro-level uncertainties have not dissipated, and whether the market can transform localized accumulation signals into a trend reversal remains to be seen.

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