Bitcoin whales end selling, accumulate over $2.7 billion in 60 days

Bitcoin whales have returned to the buying side, providing a potential bottoming signal for the cryptocurrency market, which has been sluggish for several months.

According to on-chain data provider CryptoQuant, in the past 60 days, major holders have accumulated a net increase of about 43,000 bitcoins, equivalent to around $2.75 billion at the current price. This trend began when bitcoin's price fell to around $60,000, marking a shift back to accumulation by this group after months of constant selling.

Meanwhile, data from Glassnode shows that mid-sized holders with 100 to 1,000 bitcoin, as well as ultra-large investors holding over 10,000 bitcoin, have also recently exhibited accelerated buying behavior.

Bitcoin's price has so far fallen about 50% from its peak last October, currently trading near $64,000. Crypto-themed ETFs continue to experience capital outflows, and Strategy companies—once among the most stable accumulators holding large amounts of bitcoin—have recently turned net sellers.

Against a backdrop of massive retail exit and weak market sentiment, the return of institutional-scale capital is seen by some investors as a positive signal that the market may be entering a bottoming phase.

This round of whale buying is not an isolated phenomenon, but rather displays a widespread characteristic across different holding levels.

CryptoQuant data (excluding exchange and mining pool accounts) shows that major holders began accumulating again after bitcoin stabilized around $60,000, with their balances steadily increasing. At the same time, the balances of both mid-sized and small holders also climbed in parallel.

Glassnode data provides a more granular perspective. Mid-sized investors holding 100 to 1,000 bitcoins have consistently increased their holdings recently, while those holding more than 10,000 coins are also actively buying.

Glassnode analyst Sean Rose stated that the related data "reflects the directional trend of accumulation behavior, rather than simply net balance changes, and since the end of July, this trend has clearly indicated a comprehensive resumption of buying across all holder levels."

Bitcoin's inherent characteristics give this signal special reference value—whale cohorts have historically been seen as long-term bitcoin believers, whose past behavior patterns are mainly long-term holding. Even more noteworthy is the timing of these purchases: this time, it is not chasing price surges, but rather entering the market proactively amid ongoing weakness and price pressure.

While accumulation signals are encouraging, the macro headwinds facing bitcoin remain hard to ignore.

Bitcoin is currently down about 50% from its October 2023 peak, a relatively moderate decline compared with other tokens, while most altcoins have suffered far heavier losses. Outflows from crypto-themed ETFs continue, and retail investors had already exited the market in large numbers during the earlier price drop.

More noteworthy is the stance shift by Strategy companies. Previously long-time representative institutional buyers in the bitcoin market, they have now shifted from buying to selling, losing a traditional pillar of support. Meanwhile, overall market activity remains weak, as August spot trading volume has fallen to its 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 general trading sentiment remaining weak.

Whether increased whale holdings can act as a leading indicator of a new bull market is a matter of debate in the market.

Optimists believe that, historically, deep-pocketed investors actively building positions during weak phases have served as strong contrarian indicators, often appearing ahead of major trend reversals. The synchronized accumulation across holding tiers currently provides some basis for investors searching for market bottom signals.

However, Dessislava Ianeva is more cautious. She commented: "Whale buying in low volatility environments can validate structural accumulation, but it does not guarantee the market will immediately launch a broad-based bull run. A genuine overall market recovery, first and foremost, requires a supportive macroeconomic backdrop."

This comment highlights the core contradiction in the market: on-chain data shows capital quietly flowing in, but macro-level uncertainty has yet to dissipate, and whether the market can turn local accumulation signals into a trend reversal remains to be seen.