The largest Bitcoin holders took advantage of the market crash and accumulated a record amount of the first cryptocurrency since November. However, analysts warn that purchases by “whales” are not yet capable of reversing the negative trend.

Large Bitcoin holders, known as whales, have resumed buying amid inaction from other categories of investors. Over the past week, when the price fell to $60,000, wallets with a balance of more than 1,000 coins accumulated about $4 billion at the current rate, Bloomberg writes, citing data from analytics company Glassnode. This is the largest weekly inflow of capital into Bitcoin since November 2025.

However, this single episode of accumulation by whales may not be enough to reverse the overall negative trend. Analysts believe that impressive purchases by large players cannot compensate for the lack of broader demand.

“It slows down the decline. But we need more money coming into the market,” Bloomberg quotes Glassnode sales director Brett Singer as saying.

Similar data to Glassnode's was published by another blockchain analytics company, CryptoQuant, which stated that “during the price decline, whales accumulated huge amounts of Bitcoin” totaling nearly 67,000 BTC, or $4.5 billion at the exchange rate on February 11. However, it did not specify which categories of investors are among these large holders.

The week ending February 8 was one of the most difficult for the crypto market since 2022. Bitcoin not only broke through the $80,000 level, but also experienced tremendous volatility, reaching $60,000 at one point, before returning to the $70,000 range.

Glassnode analysts use their own on-chain metrics, which show when bitcoins were last moved and at what prices they were purchased. By tracking addresses on the Bitcoin blockchain, experts also categorize them, including exchange, retail, company addresses, and others. Previous price rallies were usually characterized by more stable accumulation involving many groups of investors, which experts are not seeing at the moment.

“When the storm subsides, we will buy again, as we sold some of our coins at the end of last year. But right now, the storm is still raging,” said one of the crypto investors surveyed by Bloomberg.

Glassnode data also shows that, excluding exchange-traded funds (ETFs) and crypto exchanges, large players sold Bitcoin over the past year. Since mid-December 2025 alone, more than 170,000 Bitcoins worth about $11 billion have been transferred from large wallets, suggesting a sale.

Glassnode's information on sales by large investors in the previous year was confirmed by other experts. At the end of 2025, analysts reported sales of coins “aged” more than six months worth hundreds of billions.

According to Galaxy, in 2025, 470,000 BTC (about $50 billion) that had not moved for more than five years were transferred, which was the second largest amount in the history of observations in this category (only 2024 saw a larger amount). In total, experts have calculated that more than $104 billion in Bitcoin has been transferred from “old hands to new” since the beginning of 2024.

Depth of fall BTC

In separate reports, Glassnode noted that with Bitcoin trading at $69,000, the unrealized loss of all investor groups in the market is approximately 17% of the market capitalization. This means that 17% of all Bitcoins were presumably purchased above $69,000 per coin.

“The current market situation resembles a similar structure observed in early May 2022,” the experts wrote, adding that the market decline is “moderate” relative to previous bear cycles and is more reminiscent of the 2015-2017 market.

Similar data was published by CryptoQuant, indicating that wallets with a balance of 100 to 1,000 BTC now have an average unrealized purchase price of coins of about $69,000 — the current price level of Bitcoin is below their conditional average purchase price. As experts noted, this situation occurred previously in 2022, “when the price traded below this level for about seven months.”$BTC #TrumpCanadaTariffsOverturned