Whales Snap Up 270,000 BTC as Exchange Reserves Drop to Multi-Year Lows

Crypto “whales” have tripled their accumulations over a short period as exchange reserves continue to decline and long-term holders dominate trading activity. Over the last 30 days, on-chain activity has supported gains across major assets, including Bitcoin (BTC) and XRP.

Bitcoin whales step up accumulation

Bitcoin whales purchased 270,000 BTC in the last 30 days, the highest figure since 2013. The increase follows a period in which BTC traded well below earlier expectations and faced pressure from both market and macro factors.

Bitfinex pointed to the on-chain data, prompting bullish reactions among analysts and traders. The monthly accumulation by industry whales has been described as a key driver behind the renewed momentum.

Market context: drawdown, liquidations, and liquidity

Bitcoin has struggled after losing 35% of its value over recent months. Liquidations rose to multi-month highs, weighing on broader sentiment. At the same time, geopolitical tensions in the Middle East raised concerns about financial stability as energy prices increased.

BTC fell from an all-time high above $125,000 to below $70,000. Analysts have cited a price floor below $60,000. After a pause in the US-Iran war and a shift in on-chain metrics, Bitcoin began a steady climb, reversing part of the losses.

One cited metric highlights the imbalance between supply and demand: total sell-side liquidity is approximately 8.53 million BTC, described as relatively low versus previous periods. In contrast, demand from accumulation addresses increased to around 275,000 BTC over the past 30 days, reflecting continued long-term buying.

ETF inflows and broader crypto gains

The short-term inflow contributed to additional whale accumulation and helped lift spot Bitcoin exchange-traded funds (ETFs). Last week, crypto products recorded $1.1 billion in inflows, with Bitcoin accounting for most of the gains. The asset received $872 million in net flows, bringing monthly figures back into positive territory.

Price levels and performance across major tokens

Bitcoin trading above $73,500 has reclaimed the adjusted realized price, and is expected to rebound, though the article notes that volatility remains. Altcoins have also strengthened alongside Bitcoin’s momentum over the past two weeks.

In the last seven days, Ethereum, XRP, and Solana moved higher, supported by the broader risk-on tone tied to BTC’s recovery.