Bitcoin Whales Buy 65,000 BTC as Price Struggles Below $80K
Bitcoin whales scoop up over 65,000 BTC despite price struggles.
By Tylt Editorial Team
Large holders capitalize on Bitcoin’s 16% pullback.
On-chain data signals bullish long-term accumulation.
Bitcoin miners face selling pressure, possibly pushing BTC lower.
Bitcoin has been facing significant selling pressure, struggling to maintain stability around the $80,000 mark. However, while panic-selling has gripped the market, large holders, commonly referred to as "whales," have taken advantage of the recent dip, accumulating over 65,000 BTC in the past month.
On March 11, on-chain analytics firm CryptoQuant highlighted this trend, revealing that despite the bearish sentiment, Bitcoin whales have aggressively increased their holdings. According to Cauê Oliveira, head of research at BlockTrends, this accumulation does not guarantee an immediate price rebound but demonstrates that large market participants—excluding miners and exchanges—are absorbing the selling pressure.
This pattern resembles the accumulation seen before the major bull rally of late 2023. If the trend continues in the coming weeks, it could signal increased demand from big investors, potentially leading to an upward push in price.
However, not all signs point to an immediate recovery. Bitcoin miners have been forced to sell their holdings due to declining prices, adding to the downward momentum. Since reaching its all-time high of $109K, Bitcoin has repeatedly faced resistance near key levels, including the psychological $100K mark.
Market uncertainty has also been fueled by macroeconomic factors, including tariffs and other financial developments, which could drive Bitcoin lower. The cryptocurrency has already retested support levels below $78K, and some analysts warn that a drop to $75K could trigger further liquidations.
BitMEX co-founder Arthur Hayes believes Bitcoin could revisit the $70K range, marking a 36% correction from its peak. Despite the near-term uncertainty, Hayes remains optimistic in the long run, viewing the decline as a prime buying opportunity. He advises risk-averse traders to wait for central banks to ease monetary policy before deploying more capital, as this could minimize exposure to prolonged volatility.
At 11:40 a.m. Eastern Time on March 11, Bitcoin traded at approximately $81,220, recovering slightly from its intraday low of $76,780. While short-term volatility remains a concern, whale accumulation could set the stage for Bitcoin’s next major move.
