Bitcoin Whales Accumulate 40,000 BTC as Price Recovers Toward $70K
What Drove Bitcoin’s Bounce From Sub-$60,000 Levels?
Bitcoin rebounded roughly 17% on Monday to trade near $70,000 after briefly slipping below $60,000, its lowest level in 15 months. On-chain data shows that large holders stepped in aggressively during the selloff, accumulating close to 40,000 BTC as prices fell into the low-$60,000 range.
Data from Glassnode shows that addresses holding between 1,000 and 10,000 BTC added around 22,000 BTC over the period, while wallets with 10,000 to 100,000 BTC accumulated a further 18,000 BTC. The buying coincided with the sharp rebound that followed Friday’s lows.
The recovery was also supported by institutional-related flows. Binance’s Secure Asset Fund for Users added 4,225 BTC, valued at roughly $300 million, during the dip. The SAFU wallet now holds about 10,455 BTC, with additional reserves still earmarked for conversion.
Investor Takeaway
How Did ETFs and Other Buyers Contribute?
Alongside whale accumulation, US-based spot Bitcoin ETFs also saw dip buying. Net inflows into these products totaled $331 million on Friday, adding to the rebound narrative and reinforcing demand near the $60,000 level.
This pattern echoes earlier episodes in which large holders and institutional-linked vehicles absorbed supply during sharp declines. In January, whales accumulated around 56,000 BTC after a drop to $84,000, a move that preceded a rally to a year-to-date high near $96,000.
That earlier recovery ultimately failed, with Bitcoin later sliding more than 38% to $60,000. The comparison has resurfaced among traders assessing whether the current bounce can extend beyond short-term relief.
Why Is $72,000 Acting as a Ceiling?
Despite the rebound, Bitcoin has so far failed to reclaim the $72,000 level, where price action was rejected near the upper boundary of an ascending triangle pattern. Technical traders note that repeated rejection at this level raises the risk of renewed downside pressure.
If selling resumes, the first area of focus sits between $66,000 and $68,000, where the 200-week exponential moving average is located. A break below that zone would raise the likelihood of a deeper pullback.
TexasWest Capital founder Christopher Inks said recent price behavior suggests consolidation rather than an immediate breakdown. “The path of least resistance for Bitcoin at the moment is up or sideways, not new lows,” he wrote in a post on X.
Inks added that the market failed to reclaim higher weekly levels, saying, “We didn’t get the Bitcoin weekly close back in the range at $75K or higher.” He said traders should watch whether recent lows hold over the next several weeks, accompanied by lighter volume on pullbacks.
Investor Takeaway
Is a Deeper Bottom Still on the Table?
Some analysts remain cautious despite the whale activity. AlphaBTC noted that Bitcoin may still revisit weekly support around $66,000 before any broader advance can develop. Other analysts have suggested that a deeper move toward $50,000 cannot be ruled out, referencing similarities with the 2022 bear market structure.
For now, the market sits between strong dip-buying interest and overhead resistance that has yet to give way. Whether recent accumulation turns into a durable trend will likely depend on how Bitcoin behaves around current support zones in the weeks ahead.
