Bitcoin whales accumulate as broader market demand remains fragile

Bitcoin has found fresh support from some of its largest holders, offering the market a temporary anchor after a sharp selloff — though signs of a broader recovery remain elusive.

Wallets holding more than 1,000 Bitcoin accumulated approximately 53,000 coins over the past week, marking the biggest wave of whale buying since November, according to data compiled by Glassnode. At current prices, the purchases amount to more than $4 billion in additional exposure.

The renewed accumulation comes after months of net selling by large holders. Since mid-December, more than 170,000 coins — worth roughly $11 billion at prevailing prices — have exited whale wallets, underscoring a persistent de-risking trend across much of the past year.

Price steadies, but conviction questioned

Bitcoin’s price action reflects that uneven support. After sliding to around $60,000 last week, the token rebounded toward $70,000 as whale buying intensified. It was trading near $69,100 in early Asian hours Wednesday.

While large-scale accumulation has helped slow the decline, the rebound has yet to attract broader participation. Retail traders and many institutional investors remain cautious, suggesting the move may represent stabilization rather than the start of a sustained rally.

The current price remains roughly 40% below October’s peak, highlighting the extent of the drawdown and the work still required to restore momentum.

ETF investors and corporates hold back

Demand through US spot Bitcoin exchange-traded funds has moderated, with many ETF buyers now sitting on paper losses. That reduces the incentive for aggressive dip-buying, particularly in an environment marked by macro uncertainty and elevated volatility.

Corporate buyers — which had previously accumulated Bitcoin as part of treasury strategies — have also slowed their pace of purchases as equity valuations come under pressure and financing conditions tighten.

Without a clear new source of capital inflows, the latest whale activity risks looking more like tactical positioning than a structural shift in sentiment.

Source: SosoValue

Concentration risk and market structure

Glassnode’s data track clusters of wallets rather than individual traders, meaning whale activity may include high-net-worth individuals, custodial accounts or institution-linked entities. Historically, sustained bull markets have required not only large-holder accumulation but also expanding participation across investor cohorts.

For now, that breadth remains absent.

The key question facing the market is whether whale buying can reignite confidence or merely cushion volatility. Past cycles show that concentrated accumulation can support short-term rebounds, but durable rallies tend to require broad-based inflows, improving liquidity and renewed risk appetite.

Until those conditions emerge, Bitcoin’s recovery narrative remains tentative — supported at the top, but not yet embraced across the wider market.