Bitcoin surged past 126,000 dollars in early October before plunging to 60,000 dollars and later recovering to around 68,000 dollars. Despite the sharp volatility, many investors are still accumulating the asset in anticipation of future gains. However, buying activity among short term holders has slowed.
Data from Alphractal shows that the Short Term Holder Net Position Change over 90 days remains positive but is trending lower. This indicates that short term investors are still adding Bitcoin, though at a much slower pace. Historically, such slowdowns have preceded consolidation phases, heightened volatility, or broader market shifts.
Alphractal founder Joao Wedson noted that recent institutional purchases, including accumulation by Strategy and other large entities, have not translated into stronger demand from short term holders. He emphasized that evaluating overall blockchain data provides a clearer picture of underlying demand than focusing on isolated buyers.
Meanwhile, separate data from CryptoQuant points to continued accumulation by whales. Large holders have increased their positions by more than 200,000 BTC over the past month, with total whale holdings rising from about 2.9 million to over 3.1 million BTC. Although exchange inflows have picked up, overall whale supply has grown by 3.4 percent after a sharp decline in mid December.
The last comparable wave of accumulation occurred during the April 2025 correction, when whale buying helped fuel Bitcoin’s rally from 76,000 dollars to 126,000 dollars. With the asset currently trading roughly 46 percent below its most recent all time high, some large holders may be viewing the pullback as a buying opportunity.
