Bitcoin has recently seen a fresh influx from some of its biggest holders, a move that could signal a short‑term stabilizer or simply a defensive stopgap. Over the past week, so‑called whale wallets—those holding more than a thousand bitcoins—purchased roughly 53,000 coins, the largest buying spree since November, after a period of heavy selling.
Those purchases helped cushion the sharp decline that left Bitcoin about 40% below its October peak. Data from an industry research firm shows that the whale wallets added more than $4 billion worth of the token during this window, interrupting months of divestment that had seen the market slide to roughly $60,000 before rebounding to around $70,000.
However, the broader trend remains cautious. Excluding exchange‑traded funds and exchanges, large Bitcoin‑holding players have been net sellers over the past year, with more than 170,000 coins—worth some $11 billion—leaving these wallets since mid‑December.
Price action mirrors this uneven support. After hitting a record high in October, the token slid last week to about $60,000, only to bounce back to near $70,000. It was trading just above $69,100 early on Wednesday in Singapore.
Investors who bought Bitcoin through newly launched exchange‑traded funds now sit on losses, making them less inclined to add aggressively. Meanwhile, publicly listed companies that had embraced Bitcoin as a reserve asset have slowed their purchases as their own share prices have come under pressure.
Without a fresh source of demand, the latest accumulation looks more like damage control than renewed conviction—something that has supported short‑term rebounds in past cycles but rarely produced lasting momentum on its own.
“When the storm clears, we’ll be buying again, as we sold some before the end of last year,” a long‑time crypto investor said. “But we’re still in the storm now.”
