Bitcoin Whales Are Buying During Price Crash: VanEck

"The firm noted in a recent report that long-term holders continue to accumulate while short-term futures markets show deeply oversold conditions following tariff-driven liquidations. Despite widespread speculation that early Bitcoin whales triggered the selloff, on-chain data shows that coins held for five years or more continue to rise. These older cohorts increased their holdings by roughly 278,000 BTC over the past two years, signaling limited turnover among wallets with the longest histories."

"The past month delivered a −13% drawdown, driven in part by outflows from bitcoin ETPs. Since October 10, bitcoin ETP balances have fallen by 49,300 BTC - about 2% of total AUM - as recent buyers exited positions during rate-cut uncertainty and shifting AI-market sentiment. Sentiment indicators also show rising fear among retail participants. Bitcoin's fear-and-greed index fell to its lowest reading since March, aligning with the onset of tariff-related volatility."

"Whale holdings are shifting in a more nuanced pattern than outright distribution, VanEck noted. Large holders with 10,000-100,000 BTC have reduced supply over the longer term - down 6% over six months and 11% over 12 months - while mid-sized holders in the 100-1,000 BTC range absorbed this supply and increased their balances by 9% and 23% over the same periods. More recently, some large cohorts have turned into net buyers."

Long-term Bitcoin holders (coins held five years or more) increased holdings by roughly 278,000 BTC over the past two years, indicating limited turnover among the oldest wallets. Supply among wallets that last moved coins three to five years ago declined across every measurement window, falling 32% over two years as coins moved to new addresses. The past month saw a −13% drawdown driven in part by bitcoin ETP outflows; ETP balances fell by 49,300 BTC since October 10 (about 2% of AUM). Short-term futures markets became deeply oversold after tariff-driven liquidations, and retail sentiment slipped to its lowest fear-and-greed reading since March. Large holders reduced supply over six- and 12-month periods while mid-sized 100–1,000 BTC wallets absorbed supply; some large cohorts recently became net buyers over 30–90 days.

Read at Bitcoin Magazine