Whales Purchased an Astounding $11 Billion in Bitcoin Assets
Over the past two weeks, large Bitcoin holders, or 'whales,' have significantly increased their BTC purchases, according to analysts at Glassnode. The Bitcoin Accumulation Trend Score currently stands at 0.23—the highest since January 4—indicating a shift from distribution to accumulation by bigger entities.
The total value of these acquisitions amounted to $11.2 billion at a Bitcoin price of $87,500, marking the fastest accumulation rate since August 2024. Major market participants appear increasingly confident in Bitcoin's future prospects despite ongoing macroeconomic uncertainty.
Recent market support comes from statements by the Federal Reserve regarding potential policy easing and optimism surrounding upcoming tariffs that are expected to be less severe than initially anticipated. Since early March, Bitcoin has rebounded from levels below $78,000.
While large investors are buying into Bitcoin, smaller ones are shedding their positions. Additionally, analysts have observed a growing share of long-term holders. According to the Bitcoin 1Y+ HOLD Wave indicator, more bitcoins are being held untouched for over a year.
Historically, rapid whale accumulation has indicated significant price rallies, suggesting increased confidence among large investors about Bitcoin's upside potential. However, profit-taking actions by short-term whale holders could introduce volatility to the market. If Bitcoin follows the patterns of mature assets like the S&P 500 or gold, extended accumulation by large holders could signal the start of a sustained bull cycle.
On February 24, experts from 10x Research stated that the actual institutional demand for Bitcoin may have been overstated. Nevertheless, Bitcoin's market dominance has climbed to 54.3%, and the accumulation aligns with renewed risk appetite in traditional financial markets, as evidenced by rising stock indices and inflows into Bitcoin ETFs. Large bullish positions in the Bitcoin options market, concentrated at high strike prices, further support this trend.
Investing in Bitcoin's finance sector has witnessed a rapid increase, with large holders, or 'whales,' amassing $11.2 billion worth of BTC over the past two weeks, setting the fastest accumulation rate since August 2024. This trend, supported by major market participants, mirrors growing optimism towards Bitcoin's technology and future prospects despite macroeconomic uncertainty.
