Large investors acquired over US$ 4 billion in Bitcoin, while the market remains cautious

Bitcoin gained again the push from the so-called 'whales', those people who have a huge amount of coins stored and usually influence the market's direction. Just last week, a wallet with more than 1,000 BTC accumulated about 53,000 coins — the largest purchase since November — in a transaction that exceeds 4 billion dollars, according to the folks at Glassnode.

This amount of buying helped to stabilize the price after the sharp drop that caused Bitcoin to plummet nearly 50% since the peak in October. Last week it hit 60,000, but it has already reacted and is hovering around 70,000, quoted above 67,000 on the morning of this Wednesday (11).

But hey, analysts are saying that it’s still too early to celebrate victory. This holds back the decline, but more money is needed to provide stability. Brett Singer from Glassnode told Bloomberg that we need to see more funds coming in for a true recovery.

And there's more: despite this recent little purchase, the balance of the last year shows that the whales are somewhat suspicious. Since December, over 170,000 BTC have left these wallets, amounting to 11 billion dollars, showing that people have been selling more than buying.

So the question remains: who will hold the next big surge? The new ETFs already have people at a loss, and the companies that added Bitcoin to their balance sheets have also slowed down their purchases because their stocks have dropped.

Without new and strong demand, this movement may just be to 'fill a hole' and not a renewed faith in a long rally. Historically, this can support short-term rebounds, but rarely becomes a lasting trend on its own.

As Bruno Ver, an old-school investor, said: 'When the storm passes, we will start buying again. But for now, we are still in the middle of it.'

Glassnode reminds that it tracks groups of wallets, which can be from large investors, institutions, or custodians. In past cycles, significant rallies occurred when various investor profiles were accumulating together. For now, this widespread movement has not yet appeared strongly.