After a phase of net Bitcoin selling, on-chain data indicates that institutional entities have once again begun accumulating the cryptocurrency.
Bitcoin rose more than 41% the last time institutions became net buyers
As noted by Capriole Investments founder Charles Edwards in an X afterinstitutions have once again become net buyers of Bitcoin. Below is the graph shared by Edwards showing the trend in institutional behavior over the past few years.
The chart shows that institutional investors switched their behavior to selling in October, when Bitcoin observed a bearish shift after the price top above $126,000.
The distribution calmed down as the cryptocurrency stabilized in a phase of consolidation in December, where a reversal to positive levels began to appear. The measure has now continued to grow in the new year, a potential sign that institutional behavior may actually be shifting into a form of net accumulation.
In the chart, the analyst has highlighted the price movements that followed shifts to net buying from these giant traders in the past. It appears that Bitcoin rose 109% on average after this signal appeared.
Although the individual outcomes showed wide variations, ranging from a 390% rally after the 2020 signal to a 13% drop in 2024. The last time the signal appeared was in the first half of 2025 and what followed was a 41% price increase. It now remains to be seen how the cryptocurrency’s price will be affected this time.
A notable pillar of institutional purchases in the sector today is represented by government bonds. Like the broader institutional behavior, these entities were also net sellers of Bitcoin late last year, as Edwards has highlighted in another X after.
The chart above shows the trend in the 30-day rate of change in the buy-sell ratio associated with BTC Treasuries, a measure that compares their cumulative USD purchases versus sales. It looks like the indicator just turned positive in 2026. “Bitcoin treasury companies have just shifted back to net purchasing,” the analyst noted.
Strategy, the world’s largest holder of the cryptocurrency, continued to accumulate even as the asset observed its bearish shift. But buying into the company wasn’t enough, as the rate of change of the buy-sell ratio still ended up in the negative zone in November.
BTC price
Bitcoin has shown a move away from stagnation in recent days as its price has risen to the $93,800 level.