Bitcoin's Large Bag Holders Remain Net Buyers Amid Leverage Unwinds

Bitcoin’s large bag holders, or whales, continue to accumulate despite market volatility, acting as a stabilizing force as leverage unwinds from recent crashes.

Whale Activity: Net Buying Persists

Large Bitcoin holders with 1,000-10,000 BTC have added 50,000 BTC to their positions over the past month, per Glassnode data. This net buying, valued at $5.5 billion, counters $19 billion in liquidations from U.S.-China trade tensions. Whales now hold 2.5 million BTC, up 1.2% from August, signaling confidence in BTC’s long-term value as digital gold.

• Accumulation Scale: 50,000 BTC ($5.5B); 1,000-10,000 BTC cohort.
• Market Cap Impact: Whales control 14% of supply; correlation with gold at 0.9.
• Data Source: Glassnode; 2.5M BTC total holdings.

Leverage Unwinds: Healthy Correction

The unwind, with open interest dropping $10 billion, marks a healthy deleveraging, reducing risk from over-leveraged positions. Analyst Zach Pandl of Grayscale notes: “It’s a natural response to extreme leverage, but whales’ buying shows conviction.” BTC holds $108,000 support, with RSI at 55 indicating potential rebound.

2025 Outlook: $130K-$200K Consensus

Forecasts predict BTC at $130K-$200K by year-end. Changelly sees $123,849 in October; CoinDCX $131,500. VanEck targets $180K-$200K on ETF growth.

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Whale accumulation amid unwinds signals resilience, guiding BTC’s bullish 2025 path.