Bitcoin Whales End Sell-Off, Accumulate Over $2.7 Billion in 60 Days

Bitcoin whales are returning to the buyer camp, providing a potential bottoming signal for the cryptocurrency market, which has been in a slump for several months.

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

Meanwhile, Glassnode data shows that medium-sized holders with 100 to 1,000 bitcoins, as well as ultra-large investors holding more than 10,000 bitcoins, have also shown an acceleration in buying recently.

Bitcoin's price has fallen about 50% from its high last October and is currently trading near $64,000. Cryptocurrency-themed ETFs continue to experience capital outflows, and Strategy Inc., formerly the market's most stable accumulator holding large amounts of Bitcoin, has recently turned into a net seller.

Against the backdrop of massive retail investor exodus and sluggish market sentiment, the re-entry of institutional-level large capital is viewed by some investors as a positive signal that the market may be entering a bottoming phase.

Whales Return: Accumulation Spans Multiple Holder Tiers

This round of whale buying is not an isolated phenomenon but exhibits widespread characteristics across different holder tiers.

CryptoQuant's data (excluding exchange and mining pool accounts) shows that large holders began re-accumulating after Bitcoin's price stabilized around $60,000, with balances continuing to grow. At the same time, balances among small and medium-sized holder groups also rose simultaneously.

Glassnode's data provides a more detailed perspective. Medium-sized investors holding 100 to 1,000 bitcoins have continued to increase their holdings recently, while the group holding more than 10,000 bitcoins is also in a state of active buying.

Glassnode analyst Sean Rose stated that the relevant data "reflects a directional trend in accumulation behavior, rather than simple changes in net balances, and since the end of July, this trend has clearly pointed to a comprehensive restart of buying across all holder tiers."

The inherent attributes of Bitcoin give this signal special reference value—the whale group has historically been regarded as long-term believers in Bitcoin, with past behavior patterns dominated by long-term holding. More noteworthy is the timing of the purchases: this was not chase-buying during a rally, but active entry while the market remained weak and prices were under pressure.

Multiple Headwinds Persist: Retail Exodus, Strategy Turns Seller

Although the accumulation signals are encouraging, the macro headwinds facing Bitcoin cannot be ignored.

Bitcoin is currently down about 50% from its peak last October. While its decline is relatively moderate compared to other tokens, other altcoins have suffered even heavier losses. Capital outflows from cryptocurrency-themed ETFs continue, and retail investors have largely withdrawn from the market during the previous decline.

Of greater concern is the shift in stance by Strategy Inc. The company, previously one of the most representative institutional buyers in the Bitcoin market, has now switched from buying to selling, removing this traditional source of support. Meanwhile, market trading activity remains sluggish, with August spot trading volumes dropping to their lowest level for the period since 2021.

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

Bottoming or False Signal: Macro Environment Remains Key Variable

Market opinions are divided on whether whale accumulation can serve as a leading indicator for a new bull market.

Optimists believe that deep-pocketed investors actively building positions during weak market phases have strong contrarian indicator significance, historically often appearing in the early stages of trend reversals. The simultaneous accumulation behavior across various holder tiers provides some basis for investors looking for market bottom signals.

However, Dessislava Ianeva remains cautious. 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 launch a comprehensive and broad bull market. A genuine overall market recovery first requires cooperation from the macroeconomic environment."

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