Amidst ongoing macroeconomic uncertainty and mixed technical signals, the recent gains of bitcoin (BTC) are met with skepticism. However, significant buying activity from major investors suggests a more positive perspective.
Since March 11, bitcoin whales have purchased over 129,000 BTC, equivalent to $11.2 billion at the current market price of $87,500, according to data from blockchain analytics firm Glassnode.
This marks the highest accumulation rate since August 2024, reflecting increased confidence in the leading cryptocurrency among the largest market players, as noted by Glassnode on X.
BTC has shown signs of recovery since dipping below $78K approximately two weeks ago. This rebound has been spurred by dovish statements from the Federal Reserve and hopes that anticipated Trump tariffs on April 2 will be more moderate than initially feared.
Glassnode’s findings indicate that cryptocurrency whale addresses holding over 10,000 BTC are balancing out the ongoing selling pressure from smaller holders.
Additionally, metrics such as the “Bitcoin 1Y+ HOLD wave,” monitored by Bitbo Charts, indicate a rising trend, suggesting a shift toward a holding strategy, as highlighted in Wednesday’s edition of the Crypto Daybook Americas.
