Bitcoin shows unusual buying patterns suggesting whale accumulation

On-chain analysts are observing unusual buying patterns in the Bitcoin market that deviate from historical trends seen over the last 17 years. According to analyst Willy Woo, recent price movements may not have been driven by a broad surge of retail investors, but rather by the slow, steady accumulation of a few large-scale investors, or “whales.”

Using the “HODL Waves” metric—which tracks the proportion of Bitcoin supply held for specific durations—data shows a lack of the typical spike in the 1–7 day holding period that usually accompanies major market bottoms. Instead, there has been a significant increase in the 7–30 day holding bracket. This suggests that instead of a mass rush to buy during price dips, such as the $58,000 level seen in July, large holders may have been absorbing supply gradually to avoid impacting market prices.

While this pattern suggests institutional or whale involvement, experts note that structural changes in the market, such as the rise of spot Bitcoin ETFs and increased use of cold storage, could also be influencing these on-chain signatures. Determining whether recent price levels constitute a definitive cycle bottom will require monitoring additional factors, including long-term holder supply, realized price, and spot ETF inflows.