Bitcoin [BTC] Whale accumulation has remained resilient even as prices continue to consolidate around $58,000-$60,000. Data from Whale on-chain indicates that large position holders have been buying rather than selling due to the recent price drop.
The total amount of BTC held by whales remains near an all-time high. Their 30-day accumulation rate remains positive, with some moderation from past accumulation.
Glassnode data confirms that whale net positions within the accumulation zone have remained stable since purchases resumed in late 2024.
This trend implies that whales find the current price level attractive enough to buy, regardless of other market conditions. With an increasing percentage of the total supply held by long-term investors, there is potential for reduced downward pressure from selling.
However, whales are accumulating at a slower rate than when previous surges occurred. If the whales continue to accumulate steadily, this will provide additional structural support to the price of bitcoin. If this trend reverses and whales start selling, there will be less protection against future declines.
Are new buyers replacing ETF sellers?
Bitcoin’s latest correction paints two very different pictures of market strength.
On the one hand, last week saw the second-largest weekly outflows from Bitcoin ETFs since spot products launched in January 2024, underscoring ongoing institutional selling as prices remained under pressure. Typically, such large pullbacks should indicate broader-based bearish sentiment towards the markets.
Conversely, a different story is developing beneath the surface. Inflationary trends in currency flows are beginning to emerge, with currency flows currently exceeding the flow of assets withdrawn from exchanges.
Bitcoin was trading at around $59,500 at the time of writing, indicating new capital is entering the market. At the same time, these whales are buying up the assets around areas they view as long-term support, rather than selling into weakness. This move indicates the belief that current prices are attractive.
This divergence means that ownership begins to pass from weaker hands to longer-term holders, rather than dividing into weakness. This shift suggests that larger investors still view current prices as attractive. If new currency inflows increasingly represent real accumulation, Bitcoin could lay a stronger foundation for recovery.
However, continued ETF redemptions may continue to slow renewed bullish momentum despite improved on-chain participation.
Final summary
- Bitcoin whale accumulation continues to strengthen long-term market support despite slower buying.
- BTC’s recovery depends on new demand offsetting continued ETF outflows.