Bitcoin has been trading between $60,000 and $70,000, sparking renewed optimism. According to on-chain analysis, high-net-worth investors have been rapidly accumulating Bitcoin over the past two months. Willy Woo, an on-chain analyst, notes that whales owning between 100 and 1,000 BTC have increased their purchases, marking the strongest buying frenzy in recent times.

Some believe this surge is linked to spot Bitcoin exchange-traded fund (ETF) issuers. Following the SEC's approval of the first spot ETFs in January, issuers like Fidelity, Bitwise, and ProShares now control over 850,000 BTC. However, Woo disagrees, citing inconsistencies in public spot ETF flow data. Despite whales buying over 220,000 BTC in two months, spot ETF flows decreased during this period, with only about 165,000 BTC purchased .

The recent accumulation activity didn't stem from a single large purchase but rather continuous buying over 30 days. This suggests deliberate strategies by whales to accumulate during low prices. On-chain activities confirm whales are actively purchasing. As of now, BTC prices, below $62,500, appear to be declining from the $73,800 peak .