Large crypto holders have scooped up roughly 270,000 BTC over the past 30 days—the biggest monthly accumulation since 2013—while exchange reserves have tumbled to multi-year lows. Bitfinex highlighted the on-chain figures on X, and analysts and traders reacted bullishly as long-term holders drove most activity during the period.
Bitcoin suffered a roughly 35% decline in recent months amid macroeconomic headwinds, heavy liquidations and geopolitical tensions in the Middle East that lifted energy prices. The token slid from reported peaks above $125,000 to below $70,000, with some market participants citing a potential floor near $60,000. After a de-escalation in US–Iran hostilities and improving on-chain signals, Bitcoin has begun a measured recovery that has trimmed a sizeable portion of those losses.
On-chain metrics show sell-side liquidity at about 8.53 million BTC—low relative to earlier periods—while accumulation addresses received roughly 275,000 BTC over the last month, indicating persistent long-term buying. That steady inflow appears to have encouraged additional whale purchases, and chart data point to healthier balance sheets for miners and institutional players.
Crypto investment vehicles have benefited from the renewed momentum. Spot Bitcoin ETFs and related products recorded approximately $1.1 billion in inflows last week, with Bitcoin-focused products pulling in about $872 million in net flows and returning monthly flows to positive territory. Bitcoin trading back above $73,500 has reclaimed the adjusted realized price and is positioned for a potential rebound, though downside risks and macro uncertainty remain.
The renewed strength has also bled into altcoins: Ethereum, XRP and Solana have posted gains over the past two weeks, buoyed by Bitcoin’s recovery and heightened investor demand. Market watchers caution that while on-chain accumulation and ETF inflows are constructive, volatility and geopolitical or macro shocks could still derail the nascent rally.