On-Chain Data Shows Bitcoin Whales Are Buying Back: Bottoming Signal Around $80,000

Recent on-chain data shows a notable change in the behavior of Bitcoin whales. According to Glassnode’s Long-Term Holder Net Position Change index, over the past 30 days, long-term investors have increased their BTC holdings by approximately 10,700 BTC. This is the first time this index has shifted from negative to positive since July 2025, after several months of continuous position reduction and market distribution. Alongside this, the amount of Bitcoin on exchanges continues to flow out, indicating that short-term active selling pressure is weakening. Instead of preparing to sell, more BTC are being transferred to long-term storage wallets, reflecting a more cautious but stable market sentiment. From this perspective, it is quite reasonable for Bitcoin to form a short-term bottom around the $80,000 mark. Many whales who sold during the period from July to November have started to buy back at the current price range. This is mainly a defensive buying action to avoid the risk of further deep price declines, rather than a strong accumulation wave. In terms of scale, this buying volume remains relatively modest. Personal opinion: The formation of a bottom around $80,000 for Bitcoin is a normal scenario in the current context. The whales’ buyback actions are more about protecting their positions than betting on a major growth cycle. In the short and medium term, Bitcoin’s recovery and movement toward levels like $98,000 or $106,000 are entirely possible. However, on a longer time frame, the overall trend still leans toward a bearish market. To reverse into a sustainable bullish cycle, the market needs sufficiently strong macro catalysts, such as large-scale monetary easing packages (QE) or substantial policy changes. Until those factors appear, all current upward movements should be viewed with the necessary caution.