Bitcoin has been in a downturn for months, which has driven out retail traders, drained billions from crypto funds, and turned one of its largest buyers into a seller. Now, investors looking for signs of a bottom are getting some relief from an old source: Bitcoin whales are buying again, Bloomberg reports. Large holders have added approximately forty‑three thousand bitcoins over the past sixty days — worth about two billion seven hundred and fifty million dollars at current prices, according to CryptoQuant, whose calculation does not take into account exchanges and mining pools. After months of selling, this group began to build up its positions again when the coin started trading at around sixty thousand dollars; the balances of the so‑called “dolphins” – smaller holders – are also growing.

Data from the research company Glassnode provide an even more detailed picture: average holders with between 100 and 1,000 bitcoins were just as active in buying as super‑humpies – investors with more than 10,000 coins. For a market facing numerous obstacles, this is a positive development: the trend signals that wealthy investors find the current levels attractive enough to return. Currently, this is a particularly significant indicator against the backdrop of a months‑long decline in the quotes of all tokens, the departure of retail investors, and the cessation of purchases by what was once the most reliable buyer of Bitcoin – the company Strategy. Sean Rose from Glassnode noted that this data reflects the direction of accumulation behavior, not just a change in the net balance, and clearly indicates a resumption of purchases across all groups since the end of July.

Bitcoin, whose price serves as a daily indicator of industry sentiment, has fallen by approximately fifty percent from its October highs and is trading around $64,800. Other coins have suffered even more severe losses, with billions of dollars flowing out of cryptocurrency funds. Nevertheless, the return of large investors to the market adds another indicator for those who are looking for signals of a bottom formation and the possible start of a new bull cycle. Bitcoin whales can, in a sense, be considered a group of the most convinced supporters of the coin: these are very large investors who in the past usually held the asset for a long time. Another telling point is that they buy not during rallies, but in a weakened market with the potential for recovery. However, along with optimistic indicators, there are also signs of low activity and a lack of confidence, noted Nexo analyst Dessislava Yaneva, pointing to sluggish trading: spot volumes in August are at their lowest levels in years, lower than in any August since 2021. According to her, although whale purchases in conditions of low volatility confirm structural accumulation, they do not guarantee immediate and broad growth, and for a true recovery of the entire market, the macroeconomic backdrop must first be established.

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The material has been prepared solely for informational and educational purposes and does not constitute financial advice or a recommendation.