Bitcoin Whales Are Buying Again as Other Investors Retreat

Bitcoin’s largest holders are buying again, offering fresh support to the market after weeks of heavy selling, but analysts warn the rebound may still lack broad conviction.

According to data from Glassnode, so-called whale wallets holding more than 1,000 BTC accumulated roughly 53,000 coins over the past week, marking their biggest buying spree since November. The purchases, worth more than $4 billion, helped steady prices after Bitcoin’s recent slide.

Bitcoin remains about 40% below its October peak, having fallen to around $60,000 last week before rebounding toward $70,000. It was trading near $69,000 on Wednesday morning in Asia.

Glassnode’s head of sales, Brett Singer, said the renewed accumulation has slowed the downturn, but emphasised that broader participation is still missing.

“It does slow down any downfall,” Singer said. “But we still need to see more money coming into the market.”

Despite the recent buying, the longer-term trend remains cautious. Excluding exchange-traded funds and exchanges, large Bitcoin holders have been net sellers over the past year. More than 170,000 BTC, worth around $11 billion, have left these wallets since mid-December.

Meanwhile, many retail investors who entered through spot Bitcoin ETFs are now sitting on losses, limiting appetite for aggressive dip-buying. Public companies that previously added Bitcoin to their balance sheets have also slowed purchases as their own stock prices face pressure.

That raises a key question for the market: who will power the next sustained rally?

Without fresh demand from new investor groups, the current whale accumulation may represent damage control rather than renewed long-term confidence. Past bull cycles were typically marked by steady, broad-based buying across investor types, a dynamic not yet visible in this downturn.

Long-time crypto investor Bruno Ver summed up the mood: “When the storm clears, we’ll be buying again. But we’re still in the storm now.”

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