Bitcoin Whales Are Buying Again as Other Investors Retreat

Bitcoin has just drawn fresh support from some of its largest holders, though the return of demand remains narrow enough to raise doubts about whether it marks a recovery or mere damage control.

So-called whale wallets accumulated about 53,000 coins in the past week, their biggest buying spree since November, after weeks of heavy selling. Those kinds of purchases helped steady prices after a steep drawdown, even as most other investors stayed on the sidelines.