Bitcoin Whales Are Buying Back

Bitcoin, despite concerns about a reversal in demand, received new support from the largest Bitcoin holders.

Investors called "whale wallets" accumulated about 53,000 coins last week after weeks of intense selling. This purchase marked the largest buy since November. It was noted that, although most other investors remained on the sidelines, these purchases helped stabilize prices after a sharp decline.

According to data from industry research firm Glassnode, wallets holding over 1,000 Bitcoin gained more than $4 billion in value. During this period, when billions of dollars worth of tokens were sold, the trend that pushed Bitcoin down to about 40% below its October peak ended. Brett Singer, Head of Sales at Glassnode, said, "This slows down a potential decline. However, we still need to see more money entering the market."

Although major Bitcoin holders have re-entered the market, the overall trend still indicates caution. According to Glassnode, excluding exchange-traded funds and exchanges, large Bitcoin holders have been net sellers over the past year. As a result, approximately 170,000 Bitcoin worth around $11 billion have left these wallets since mid-December.

Experts say that Bitcoin's price movement reflects this uneven support. After reaching a record high in October, the token dropped to nearly $60,000 last week, then rose to about $70,000. Today, it is trading above $67,000.

The volatile behavior among major investors raises questions about how the next long-term rally will be sustained.

Many investors who bought Bitcoin through newly launched exchange-traded funds are currently at a loss, which reduces their willingness to make aggressive purchases. At the same time, publicly traded companies that adopt Bitcoin as a reserve asset have slowed their buying activity due to pressure on their stock prices.
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