Bitcoin’s biggest players are back in the water.
After months of retreat and relentless selling pressure, the cryptocurrency’s largest holders—known in market slang as “whales”—have launched their most aggressive buying spree since November, snapping up tens of thousands of coins in a move that has stabilized prices and reignited debate over whether the market is staging a recovery or simply trying to stop the bleeding.
But beneath the surface, the data suggest a far more fragile reality.
A Sudden Surge From the Deep Pockets of Crypto
According to blockchain analytics firm Glassnode, wallets holding more than 1,000 Bitcoin accumulated roughly 53,000 coins over the past week, representing more than $4 billion in purchases.
The buying interrupted weeks of heavy distribution and helped halt Bitcoin’s slide after a sharp drawdown that left the asset nearly 40% below its October record high.
“It does slow down any downfall,” said Brett Singer, head of sales at Glassnode. “But we still need to see more money coming into the market.”
That distinction—support versus renewed demand—may define Bitcoin’s next chapter.
Price Stabilizes, But Momentum Remains Elusive
Bitcoin’s price action reflects the uneven nature of the rebound.
After tumbling to around $60,000 last week, the token clawed its way back toward $70,000, trading above $69,100 in Wednesday morning activity in Singapore.
The bounce has eased fears of a deeper selloff, yet it lacks the broad participation typically seen at the start of sustained bull markets.
A Year of Quiet Exit by Major Holders
Despite last week’s buying, the broader trend shows that large holders have been reducing exposure for months.
Glassnode data reveal that, excluding exchange-traded funds and trading venues, major Bitcoin wallets have been net sellers over the past year, with more than 170,000 coins—worth about $11 billion—leaving these accounts since mid-December alone.
That longer-term outflow raises a key question: Is this accumulation a strategic shift, or merely a tactical pause?
ETF Investors and Corporations No Longer Driving the Rally
The market’s usual engines of demand appear to be sputtering.
Many investors who entered Bitcoin through newly launched ETFs are now sitting on losses, making them hesitant to increase exposure.
Public companies that once embraced Bitcoin as a treasury reserve have slowed purchases as their own stock prices face pressure.
Without those sources of capital, whale buying alone may not be enough to sustain upward momentum.
Damage Control vs. Conviction Buying
Historically, Bitcoin rallies that evolved into full bull cycles were marked by consistent, widespread accumulation across institutions, funds, and retail investors alike.
That pattern has yet to emerge.
Instead, the current environment resembles past periods where large holders stepped in to steady markets temporarily—creating short-term rebounds but failing to ignite lasting trends.
“When the storm clears, we’ll be buying again, as we sold some before the end of last year,” said longtime crypto investor Bruno Ver. “But we’re still in the storm now.”
Who Will Power the Next Rally?
Glassnode’s analysis tracks clusters of wallets rather than individual traders, meaning the recent buying could represent a mix of private wealth, custodial entities, or institution-linked accounts. What it does not show is the broad-based enthusiasm that once propelled Bitcoin’s explosive climbs.
Until fresh capital enters the ecosystem, analysts warn the market may remain trapped in a cycle of sharp rebounds followed by renewed hesitation.
For now, Bitcoin’s biggest believers are stepping in—but the crowd that once followed them is still waiting on the sidelines.