Bitcoin Whales Just Went on a Buying Spree Worth Billions—Are ‘Conviction Buyers’ Calling the Bottom?

Whales have loaded Bitcoin worth billions in recent months, suggesting some large holders have been accumulating Bitcoin despite the recent price weakness.Whales Going All-In?Large holders have added about 43,000 Bitcoin over the past 60 days, worth roughly $2.75 billion at current prices, Bloomberg reported, citing data from on-chain analytics firm CryptoQuant.Also worth noticing was the drop in BTC’s Exchange Whale Ratio, an indicator that quantifies the degree to which large holders are driving deposit activity on exchanges.A low ratio indicates inflow activity is distributed broadly across smaller participants, with whales relatively inactive and a bias toward accumulation. Read Also: ‘Strong Hands’ Buying the Dip?Glassnode, another popular blockchain analytics firm, also noted that “strong hands” are buying Bitcoin“Bottoms are formed when profit-taking slows and conviction buyers step in. This setup looks similar to what we saw during 2022,” the firm noted.Strong hands are buying bitcoin:native.Bottoms are formed when profit taking slows and conviction buyers step in. This setup looks similar to what we saw during 2022.The largest increase in BTC held by conviction buyers occurred when BTC dropped to $60k in January. Miners Adding to Sell Pressure?Leading cryptocurrency analyst Ali Martinez said miners have increased selling pressure, highlighting data showing 1,648 BTC moved out of miner wallets over the past 10 days.WARNING: BITCOIN SELLING PRESSURE IS SURGING1/8 🧵👇It’s worth noting that Bitcoin exchange-traded funds recorded net outflows worth nearly $390 million last week, according to SoSo Value. In contrast, the ETFs experienced net inflows worth $486 million over the first two days of the week.Price Action: At the time of writing, BTC was trading at $64,265.99, up 0.31% in the last 24 hours, according to data from Benzinga Pro. Read Also: Photo courtesy: Shutterstock