Bitcoin: Mid- to large-scale holders step up accumulation amid price stagnation… biggest since the 2022 FTX collapse

With Bitcoin price action remaining range-bound in recent weeks, accumulation by mid- to large-scale holders has surged to its strongest level since the 2022 FTX collapse.

According to Glassnode data cited by CoinDesk on the 19th (local time), so-called mid- to large-size wallets holding 10 to 1,000 BTC were net buyers of about 110,000 BTC over the past 30 days. This marks the largest monthly increase since late 2022, when Bitcoin fell to the $15,000 range.

The accumulation came even as Bitcoin (BTC) showed no clear directional trend. Bitcoin is currently about 25% below the all-time high set in October last year, but is trading roughly 15% above the November low around $80,000. The cohort—comprising high-net-worth individuals, trading desks and some institutional-grade investors—has seen its Bitcoin holdings rise from about 6.4 million BTC two months ago to nearly 6.6 million BTC, according to the data.

Moves by smaller holders also stood out. Retail investors holding less than 1 BTC have added more than 13,000 BTC in recent weeks—the biggest increase since November 2023—bringing the group’s total holdings to around 1.4 million BTC.

Markets are focusing on the fact that both mid- to large-scale holders and small investors are buying simultaneously. This suggests a growing number of participants view current levels as “undervalued,” regardless of short-term volatility, and indicates that dip-buying demand is broadening across the Bitcoin market.