Large Bitcoin holders — wallets not associated with exchanges or mining pools — have added approximately 43,000 $BTC to their reserves over the past 60 days, amounting to roughly $2.9 billion. In any case, this accumulation marks a clear reversal after several months during which the same group were net sellers, putting pressure on Bitcoin's price throughout the second half of its decline from the all-time high recorded in October 2025.
The resumption of buying began as soon as Bitcoin fell to around $60,000 — a level that apparently attracted large holders who had remained on the sidelines during the sharpest phase of the decline. Since then, Bitcoin has climbed back towards the $65,000 mark and has traded in a narrower range of $62,000 to $65,000 in recent weeks.
It's Not Just the Largest Wallets
The recovery in demand wasn't limited to the largest holders: balances of so-called "dolphins" — CryptoQuant's classification for holders with substantial but not whale-sized balances — also grew over the same period, indicating that the accumulation trend is broader than just speculative buying by a handful of mega-wallets.
This pattern mirrors a situation observed earlier this year, when Bitcoin.com News reported that "whales" were "quietly accumulating" bitcoins during a previous price dip around $60,000, pushing the whale activity ratio on exchanges (a metric reflecting the share of large holder activity on exchanges) to 61.6% at the time.
Notably, the accumulation trend is occurring against a backdrop of declining overall market activity, as spot trading volumes in August fell to their lowest monthly level since August 2021, meaning the 43,000 $BTC added by large holders represent a disproportionately large share of total market activity compared to a more liquid environment.
Low trading volumes can amplify the impact of concentrated buying on price, which may partly explain why Bitcoin has found a more stable footing in recent weeks even without a sharp shift in overall market sentiment.
A Reversal Compared to Early 2026
The resumption of Bitcoin accumulation by large holders contrasts with the selling that dominated Bitcoin ownership data for much of this year. For example, Strategy has already sold part of its assets four times this year, alongside other major players like Riot, MARA, etc., who acted similarly.
Against this backdrop, it is quite remarkable that a broad group of large holders has re-entered the market and purchased roughly 43,000 $BTC in just 60 days. In fact, earlier this year there was a period when investors accumulated 270,000 $BTC in 30 days, marking the most aggressive buying spree since 2013.
Similarly, there was another period when large holders added 66,700 $BTC, even as medium-wallet owners sold during market weakness. Each of these episodes preceded significant price recoveries, though past accumulation patterns are not a guarantee of future performance.
Looking ahead, a key factor to watch is whether large investor activity will persist as Bitcoin approaches the upper end of its recent $62,000 to $65,000 range.
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