Despite ongoing concerns around macroeconomic headwinds and mixed technical indicators, large Bitcoin holders are showing no signs of hesitation. According to data from Glassnode, whales—defined as wallets holding significant amounts of Bitcoin—have acquired more than 129,000 BTC since March 11, equivalent to approximately $11.2 billion at current market prices near $87,500.
The accumulation signals a notable show of confidence from long-term investors, even as broader markets remain cautious. While some analysts point to overstretched technicals and geopolitical uncertainty, whale buying patterns suggest a more optimistic medium-term outlook for Bitcoin’s trajectory.
According to Glassnode’s on-chain analytics, the recent wave of buying activity represents the most aggressive whale accumulation since the third quarter of 2024, when Bitcoin was trading around $60,000. The firm defines whales as addresses holding more than 1,000 BTC, a threshold typically associated with long-term holders, corporate treasuries, and institutional entities.
This accumulation phase has coincided with Bitcoin maintaining levels above $85,000, further supported by growing activity in spot ETFs and renewed interest in crypto allocations from hedge funds and asset managers.
Market Sentiment Stabilizes as Large Holders Offset Retail Selling
Bitcoin has been showing signs of recovery after briefly dipping below $78,000 two weeks ago, regaining momentum in recent sessions. The rebound has been supported by dovish signals from the Federal Reserve, alongside tempered expectations surrounding the Trump administration’s upcoming tariff policy, which many investors now believe will be less disruptive than initially feared.
According to Glassnode, the broader market recovery has also been reinforced by accumulation activity from ultra-large holders—wallets holding over 10,000 BTC—who have stepped in to absorb ongoing sell pressure from smaller retail participants. This dynamic underscores a key structural trend: while retail investors have shown signs of profit-taking, institutional and long-term entities continue to accumulate during periods of weakness.
This whale accumulation trend complements a broader shift in institutional positioning. The recent uptick of U.S. spot Bitcoin ETFs, particularly those of BlackRock and Fidelity, has created compliant, liquid gateways for large capital to enter the market without engaging with traditional crypto exchanges.
These inflows appear to be stabilizing price action and contributing to the tightening of Bitcoin supply on exchanges. Data from multiple analytics platforms confirm that BTC balances on centralized exchanges are at multi-year lows, pointing to a strong holding environment where investors are choosing to move assets into custody or cold storage rather than keeping them liquid.
This shift in market dynamics, low exchange supply, rising ETF demand, and whale accumulation suggests that Bitcoin is entering a new phase of market maturity, defined more by strategic positioning than speculative retail activity.
Quick Facts:
- Bitcoin whales have accumulated over 129,000 BTC since March 11, worth approximately $11.2 billion at current prices.
- The buying trend comes despite macroeconomic uncertainty and mixed technical signals across broader markets.
- Glassnode data shows that large holders are actively accumulating while smaller investors continue to sell.
