BTC hits the 2022 bottom: What does the 23.3 billion USD held by whales indicate?

Around mid-2022, the Bitcoin market experienced a notable situation when the BTC price hit an all-time low, dropping to the $46,104 USD range. Bitcoin’s Yardstick index indicated this was more than 1.6 standard deviations below the long-term average — a rare occurrence in history.

Major Investors Are “Hoarding” BTC

What’s more interesting is that while Bitcoin’s price was falling, large holders found this to be an opportunity. Over the past 30 days, these whales accumulated 269,822 BTC, equivalent to $23.3 billion USD. This is no small figure — it marks the largest monthly purchase since 2011, demonstrating institutional investor confidence in a market recovery.

Network Remains Stable

Despite the sharp decline in price, on-chain activity remained stable. No abnormal signs or large sell-offs were recorded on the Bitcoin network. This suggests that the whales’ accumulation was not driven by panic selling but was a deliberate positioning strategy for the next phase.

In summary, the Bitcoin bottoming out in 2022 was not a sign of collapse but a period where savvy financial investors chose to accumulate BTC and prepare for a potential market rebound.