"Bitcoin whale accumulation hits highest level since 2024…long positions increase amid bearish conditions"

As the Bitcoin (BTC) market remains in a corrective phase, an analysis suggests that the pace of accumulation by large holders has climbed to its highest level since 2024.

According to crypto (digital asset) outlet ZCrypto on the 10th, on-chain data show that the cumulative holdings of so-called “whale addresses” holding 1,000 to 10,000 BTC have been rising rapidly. The combined holdings of these addresses were tallied at about 3,204,000 BTC, a pace described as the steepest accumulation trend in roughly a year.

The market is interpreting this less as trading in response to short-term price swings and more as position-building with a medium- to long-term view. Some analysts said the current accumulation pattern resembles past periods when major players built inventory during uncertainty and range-bound trading. With both the scale and persistence of accumulation being confirmed, it could be seen as a signal of a recovery in long-term confidence.

Whale activity on exchanges also increased. Last month, a Binance whale-related indicator rose to around 0.65, the highest level since November last year. This is seen as movement associated with active capital management—such as volatility management, hedging and derivatives position adjustments—rather than large-scale distribution.

Fund-flow data also support the same trend. Over the past 30 days, net inflows to whale addresses were estimated at about 152,000 BTC, and net inflows of roughly 30,000 BTC were recorded over the past seven days as well. The view is that this is closer to a phase of repositioning than trades aimed at a short-term rebound.

Despite the accumulation trend, prices have remained weak. Bitcoin is down more than 2% over the past 24 hours, trading around $68,900, and its cumulative decline over the past week is above 12%. Elevated market-wide volatility and macro uncertainty are being cited as weighing on prices.

Meanwhile, the Fear & Greed Index has also fallen to around 10, pointing to a phase of extreme fear. Still, with accumulation led by large holders continuing, some argue the market is entering a phase of structural repositioning rather than short-term speculation.