Bitcoin has failed to show any major price recovery, yet recent data shows that whales are still quietly accumulating the leading cryptocurrency.
On Friday, Feb. 20, popular crypto analyst Ali Martinez shared on-chain data revealing that Bitcoin whales accumulated more than 30,000 BTC over the past week.
While this signals strong conviction among large holders despite recent market weakness, it has sparked a wave of confidence among market participants amid hopes for a potential rebound.
Over $2 billion in BTC bought in seven days
Per Bitcoin’s average trading price over the past week, which was around the $67,000 level, the notable whale accumulation during the period is worth over $2 billion.
The massive accumulation comes as Bitcoin continues to trade below recent highs, with the broader crypto market facing sustained selling pressure.
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Following the consistent price downturn faced on the broad crypto market, Bitcoin has plunged significantly in recent weeks, and it is currently trading at levels that mark a more than 50% decline from its ATH.
Nonetheless, the post from Martinez has stirred reactions from the crypto community, who believe that the aggressive buying activity suggests that institutions and high profile investors are taking advantage of the dip to expand their positions.
What’s next for Bitcoin?
While Bitcoin has been trading on a downward trajectory for a long time, it remains uncertain if the massive whale purchases could trigger a potential rebound in its price.
However, sustained whale buying during periods of price weakness has often preceded medium- to long-term price recoveries in the past. While the spot Bitcoin ETFs also reported decent fresh capital intake on some days during the past week, Bitcoin stands a chance to stabilize its price move if accumulation continues at this pace, positioning it for a potential price rebound.