Bitcoin whales add $2.7 billion as investors hunt for a bottom
Large wallets accumulated roughly $2.7 billion in Bitcoin over 60 days after the token fell toward $60,000.
Bitcoin whales are beginning to accumulate again, providing a glimmer of optimism for investors trying to determine whether the digital asset’s long downturn is approaching an end.
According to CryptoQuant data, large holders have added around 43,000 BTC over the past 60 days, worth approximately $2.7 billion.
The buying started when Bitcoin was trading around $60,000 and appears to be spreading across different categories of large investors. Glassnode separately found renewed accumulation among holders with 100 to 1,000 BTC as well as investors holding more than 10,000 BTC. Smaller holders have also increased their balances.
Rather than chasing an upward move, these investors are accumulating while Bitcoin remains stuck near the lower end of a prolonged decline. Bitcoin is trading at around $64,600 at press time, roughly 50% below its October peak.
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At the same time, crypto-focused ETFs have recorded billions of dollars in outflows and Strategy, previously among Bitcoin’s most reliable buyers, has begun selling.
The return of whale demand could therefore be an early indication that long-term investors are becoming more comfortable with current prices. Glassnode’s Sean Rose said accumulation behavior has pointed clearly toward renewed buying across holder groups since late July.