Author: Yan Krivonosov
Large holders of bitcoin took advantage of the sharp market drop and have accumulated record volumes of BTC in recent days—the largest since November. However, analysts warn: even such purchases are not yet able to change the overall negative trend.
Large players purchased BTC for $4 billion—but demand is still low
According to Glassnode data published by Bloomberg, wallets with a balance of over 1,000 BTC during the week when the price dropped to $60,000 accumulated about $4 billion in Bitcoin. This is the largest weekly capital inflow since November 2025.
CryptoQuant provides similar data: 'whales' purchased nearly 67,000 BTC (about $4.5 billion at the exchange rate on February 11).
But analysts emphasize: this is not enough.
'This slows the decline. But we need more money to flow into the market,' noted Brett Singer, head of sales at Glassnode.
Why purchases by 'whales' do not save the market
The main problem is the lack of broad demand from other groups of investors. In past cycles, growth was supported by:
• retail investors,
• institutional funds,
• exchange addresses,
• corporate wallets.
This is not observed now. Accumulation is happening selectively, not en masse.
One of the most difficult weeks since 2022
The week ending February 8 was one of the most volatile in recent years:
• Bitcoin broke the $80,000 level,
• at one point it fell to $60,000,
• then recovered to $70,000.
As of February 11, BTC is trading around $70,000.
Large holders sold throughout last year
Glassnode notes: despite recent purchases, large players actively sold BTC throughout 2025.
Since mid-December 2025, over 170,000 BTC (about $11 billion) have been withdrawn from large addresses.
In 2025, according to Galaxy, 470,000 BTC that had not moved for more than five years were transferred — the second largest figure in the history of observations.
Since the beginning of 2024, over $104 billion in Bitcoin has transitioned from 'old hands' to 'new'.
This indicates a large-scale redistribution phase of the market.
Depth of the decline: 17% of BTC purchased above the current price Glassnode reports:
• at a price of $69,000, the unrealized loss is about 17% of the market capitalization,
• that is, 17% of all BTC were purchased at higher levels than the current price. Experts compare the situation with:
• May 2022, • the 2015-2017 cycle - moderate decline, but without signs of reversal.
CryptoQuant adds: wallets with a balance of 100-1,000 BTC have an average purchase price of about $69,000, meaning many holders are currently at a loss. A similar situation was observed in 2022 when the market traded below their average price for seven months.
Conclusion
Despite aggressive purchases by 'whales', the market remains under pressure. A broader influx of capital and the restoration of trust among different groups of investors are required for a reversal. For now, Bitcoin is experiencing a redistribution phase typical of prolonged corrections.
