Echobit Market Observation | Who Is Still Buying After Bitcoin’s 30% Pullback?
2025.12.16
Compared to its mid-year peak, Bitcoin has retraced by roughly 30%. Amid rising macro uncertainty, structural risk unwinding, and subdued market sentiment, opinions remain divided on where the current cycle stands.
Despite the cautious backdrop, Echobit has observed market behaviors that diverge from prevailing sentiment. Over the past two weeks, a company associated with Michael Saylor has accumulated more than 10,000 BTC per week, deploying over $1 billion in total and increasing its holdings to 671,268 BTC. At the same time, the firm has reportedly built U.S. dollar reserves to manage heightened volatility following the Bitcoin pullback and pressure on its equity price.
On-chain data also highlights notable structural shifts. According to Glassnode, “shark” addresses holding between 100 and 1,000 BTC increased their combined holdings by approximately 54,000 BTC over the past seven days—marking the fastest accumulation pace for this cohort since 2012. This suggests that some high-net-worth individuals and institutional participants remain relatively constructive at current price levels.
From a fund flow perspective, there are early signs of improvement. CoinShares reported that crypto exchange-traded products (ETPs) recorded approximately $864 million in net inflows last week, indicating renewed institutional interest in crypto-related investment vehicles.
That said, during previous drawdowns, addresses holding more than 10,000 BTC—the so-called “whales”—were the primary sources of selling pressure. This suggests that current accumulation, while notable, has not yet been sufficient to shift the broader market structure.
Overall, while selective buying activity contrasts with cautious sentiment, the market’s next phase will remain closely tied to macro developments, liquidity conditions, and the sustainability of capital inflows. Echobit will continue to monitor these dynamics from a neutral and data-driven perspective.