Bitcoin Whales Accumulate as Retail Traders Exit
Glassnode data highlights a growing divide in Bitcoin market behavior: while retail investors continue to sell, the largest holders—known as whales—are quietly buying the dip.
Entities holding 10,000 BTC or more are currently the only cohort adding to their positions amid falling prices. Smaller holders, particularly those with less than 10 BTC, have been net sellers for over a month, reflecting persistent caution among retail traders.
Glassnode’s Accumulation Trend Score by wallet cohort, which tracks buying and selling over a 15-day period, underscores this contrast. Scores near 1 indicate accumulation, while values near 0 signal selling. According to the metric, whales are in a “light accumulation” phase, maintaining a neutral-to-slightly-positive trend since Bitcoin dropped to $80,000 in late November. During this period, Bitcoin traded mainly between $80,000 and $97,000 and currently sits near $78,000, according to CoinDesk.
The number of entities holding at least 1,000 BTC has grown from 1,207 in October to 1,303, suggesting that large holders are absorbing supply while smaller investors exit. Whales in this cohort are now back at December 2024 highs, reinforcing the view that major players are taking advantage of the market dip.
