Bitcoin whales have emerged as the dominant buyers since the cryptocurrency carved out a base near $80,000 in late November, according to Glassnode data. Wallets holding at least 1,000 BTC continue to account for the bulk of accumulation even as bitcoin trades just below $90,000.
Glassnode shows that the 1,000–10,000 BTC cohort is the only group posting sustained accumulation, with its Accumulation Trend Score close to 1. The measure tracks net buying and selling across wallet sizes over a 15-day period, with higher scores indicating accumulation and lower readings signaling distribution.
The data suggests large holders have been steadily building positions in the $80,000 range — a price zone bitcoin has spent relatively little time trading in compared with other levels. Smaller holders, by contrast, are showing varying degrees of distribution across all cohorts below 1,000 BTC.
This split comes as the Crypto Fear and Greed Index has remained in “fear” or “extreme fear” territory for roughly the past month, pointing to capitulation-driven selling among smaller investors.
Meanwhile, wallets holding more than 10,000 BTC were aggressive buyers when bitcoin dipped toward $80,000 in late November, though their accumulation has slowed in recent weeks. Even so, the cohort has not shifted into net selling — a behavior that was prevalent when bitcoin peaked above $100,000 earlier in the year.
