While macroeconomic uncertainty and technical indicators raise doubts about bitcoin’s (BTC) recent gains, purchasing activity by some of the largest investors indicates a more optimistic outlook.

Since March 11, so-called bitcoin whales have snapped up over 129,000 BTC, worth $11.2 billion at the market price of $87,500, according to veri tracked by blockchain analytics firm Glassnode.

That’s the most significant accumulation rate since August 2024, indicating growing confidence in the largest cryptocurrency among the biggest market participants, Glassnode commented on X.

BTC has regained some poise, since reaching lows under $78K roughly two weeks ago. The recovery has been led by dovish comments from Federal Reserve and optimism that impending Trump tariffs on April 2 will be more measured than expected.

Glassnode’s analysis revealed that crypto whale addresses with over 10,000 BTC compensating for continued selling by small holders.

Bitcoin: Whale position change (30D) (Glassnode)

Other indicators, such as the “Bitcoin 1Y+ HOLD wave,” tracked by Bitbo Charts show a renewed upswing, indicating a shift to a holding strategy, as Wednesday’s edition of the Crypto Daybook Americas noted.