Bitcoin Stays Below ATH as Accumulation Intensifies Across All Wallet Sizes
Bitcoin is currently trading around $118,000, just over 5% below its all-time high, as on-chain metrics highlight a growing supply squeeze driven by widespread accumulation.
Data from Glassnode shows that nearly every wallet category—from retail holders with less than 1 BTC to institutional whales holding over 10,000 BTC—is recording an Accumulation Trend Score of 1, indicating strong, sustained buying activity over the past 15 days. This metric adjusts for wallet size and behavior, with a score near 1 signaling aggressive accumulation.
This synchronized buying behavior is uncommon and was last seen during major bullish pivots in November 2024 and May 2025. Notably, smaller holders—specifically wallets holding under 100 BTC—are leading the charge.
Known as the crab and fish cohorts, these wallets are now accumulating bitcoin at a combined rate of 19,300 BTC per month, far outpacing the current monthly issuance of 13,400 BTC. That means retail and mid-tier investors alone are absorbing more than 100% of newly mined BTC, reducing liquid supply and tightening market conditions.
As bitcoin consolidates just below its record high, this broad-based demand—coupled with shrinking issuance—could set the stage for another leg higher once price reclaims momentum.
