Whales purchased 53,000 Bitcoins in a week… Is this a genuine recovery or just temporary support?

Bitcoin experienced a new wave of support from its major holders, known as "whales," after they bought around 53,000 Bitcoins over the past week, marking the largest accumulation since November.

Limited market support

These purchases came after weeks of intense selling and contributed to stabilizing the price following a sharp decline, while most other investors remained on the sidelines, making the current recovery limited in scope.

Where does the price stand now?

Bitcoin fell to around $60,000 last week after reaching a record high in October, then rebounded to about $70,000, and is currently trading near $69,000.

Important market figures

According to data from Glassnode, wallets holding more than 1,000 Bitcoins added over $4 billion in value recently.

However, major holders were net sellers last year, with more than 170,000 Bitcoins worth nearly $11 billion exiting their wallets since mid-December.

What about retail investors?

Many who bought through newly launched ETFs are currently experiencing losses, which reduces the likelihood of injecting significant new liquidity into the market.

The most important question: Does the whales' return signal the start of a new bullish wave, or is it just an attempt to contain losses?