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Bitcoin recently received new support from some of its biggest investors, but demand recovery remains so limited that it is unclear whether this is a recovery or just damage control.

In the past week, after weeks of intense selling, so-called whale wallets amassed roughly 53,000 coins, their largest buying binge since November.

Even though most other investors stayed out of the market, those kinds of purchases helped stabilize prices following a sharp decline.

While months of divestment have left Bitcoin about 40 percent below its October peak, data from industry research firm Glassnode shows that wallets holding more than 1,000 Bitcoin added more than $4 billion in value over the period.

According to Glassnode, major Bitcoin holders have been net sellers over the past year, with over 170,000 coins, valued at about $11 billion, leaving their wallets since mid-December, excluding exchange-traded funds and exchanges. That erratic support is reflected in the price movement of Bitcoin.

The token fell to about $60,000 last week after hitting a record high in October, but it later rose to about $70,000. At 9 a.m., it was trading above $69,100. m. on Wednesday in Singapore. Many investors who purchased Bitcoin through recently launched exchange-traded funds are now sitting on losses, which makes them less likely to add aggressively.

This stop-and-start behavior among large holders has heightened a well-known question that has been hovering over the market: Who exactly is left to power the next sustained rally? Publicly traded businesses that had adopted Bitcoin as a reserve asset at the same time.