Large bitcoin holders added roughly 43,000 BTC over the past 60 days, reversing months of steady selling. The buying began once bitcoin fell to about $60,000, and it is broadening beyond the biggest wallets even as overall market activity thins out.
Large bitcoin holders, wallets that exclude exchanges and mining pools, added approximately 43,000 BTC over the past 60 days, a haul valued at roughly $2.9 billion. The accumulation marks a clear reversal after months in which the same cohort had been net sellers, pressuring bitcoin's price throughout the back half of its slide from October 2025's all-time high.
Buying Resumed Near $60,000
The renewed buying began once bitcoin dropped to around $60,000, a level that appears to have drawn in large holders who had been sitting on the sidelines during the steepest part of the decline. Bitcoin has since climbed back toward $65,000 and has spent recent weeks trading in a tighter $62,000 to $65,000 band.
Beyond the Biggest Whales
The recovery in demand wasn't limited to the largest holders. Balances among so-called dolphins, a Cryptoquant classification for holders with meaningfully sized but sub-whale balances, also grew over the same period, suggesting the shift toward accumulation is broader than a handful of mega-wallets making opportunistic buys.
That pattern mirrors an earlier stretch this year when whales quietly bought a dip near $60,000, pushing the exchange whale ratio, a measure of how much whale activity is flowing onto exchanges, to 61.6% at the time. Notably, the accumulation is playing out against thinning market activity, as August's spot trading volumes have fallen to their lowest monthly level since August 2021, meaning the 43,000 BTC added represents an outsized share of total activity compared with a more liquid environment. Thin volume can amplify the price impact of concentrated buying, which may partly explain bitcoin's steadier footing in recent weeks.
A Reversal From Earlier Selling
The renewed accumulation contrasts with selling that dominated ownership data for much of this year. Strategy, for instance, has sold a portion of its holdings four times this year already, alongside other large players such as Riot and MARA. Against that backdrop, earlier this year investors accumulated 270,000 BTC over 30 days, the most aggressive buying streak since 2013. On another occasion, large holders added 66,700 BTC even as mid-sized wallets sold into weakness. Each of those episodes preceded meaningful price recoveries, though past accumulation patterns are not a guarantee of what comes next.
Now, the key variable is whether whale buying persists as bitcoin approaches the upper end of its $62,000 to $65,000 range.
Source: Bitcoin News
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