Bitcoin (BTC) Whales Have Snapped Up Over 129,000 BTC Since March 11, Worth $11.2 Billion

That's the most significant accumulation rate since August 2024, indicating growing confidence in the largest cryptocurrency among the biggest market participants

Despite macroeconomic uncertainty and mixed technical indicators, which have fueled doubts about bitcoin's (BTC) recent rally, purchasing activity by some of the largest investors is pointing to a more optimistic outlook.

Since March 11, so-called bitcoin whales have been busy accumulating more of the token, having snapped up over 129,000 BTC, according to data tracked by blockchain analytics firm Glassnode.

At the market price of around $87,500, that batch of coins is valued at $11.2 billion.

This is the most significant accumulation rate since August 2024, which indicates growing confidence in the largest cryptocurrency among the biggest market participants, Glassnode stated on X.

"Crypto whale addresses (10k+ BTC) buying activity is compensating for the continued selling pressure from smaller cohorts of coin holders," the firm added.

Bitcoin has regained some poise this week, since reaching lows of $78K on March 22. The recovery has been driven by dovish comments from Federal Reserve officials and optimism that impending Trump tariffs on April 2 will be more measured than expected.

The latest round of technical analysis from Standard Chart noted that a break above the 200-week moving average, currently at $74K, signaled a bullish development, although a clear direction is yet to emerge.

Meanwhile, other indicators, such as the "Bitcoin 1Y+ HOLD wave," tracked by Bitbo Charts, are showing a renewed upswing, which could be indicating a shift to a holding strategy, as Wednesday's edition of the Crypto Daybook Americas noted.