Bitcoin Whales Are Loading BTC Again — Is a 2023-Style Mega Rally Brewing?

Large Bitcoin holders have reduced net selling, with CryptoQuant data showing the net change in whale holdings improving from -282,000 BTC in July to -39,000 BTC in under three months, a swing of about 243,000 BTC. Vanguard, an asset manager overseeing about $13.3 trillion, recently bought $7.5 million in shares of Metaplanet, a publicly traded company whose Bitcoin treasury strategy provides indirect exposure to the cryptocurrency. On-chain metrics provider Wealthmanager said Bitcoin is consolidating in a pattern resembling 2023 before a significant rally, while BTC traded at $81,239 per CoinGecko. Searches for the phrase Bitcoin is dead reached their highest level since 2022, and Binance founder Changpeng Zhao framed extreme pessimism as a potential buying opportunity.