Data from Glassnode highlights strong accumulation by large entities, particularly those holding over 10,000 BTC.
Bitcoin’s price has made a solid recovery, climbing back to $94,000 after dipping below $75,000 earlier this month. This recent surge has been driven by large investors, or crypto whales, who have been purchasing significant amounts of BTC from the market, providing validation for the ongoing rally.
The uptick in whale activity is evident in Glassnode’s Accumulation Trend Score, a metric that measures the relative buying behavior of entities acquiring new coins on-chain. A score of 1 indicates widespread accumulation, while a value near zero suggests the opposite.
As of Thursday, wallets holding over 10,000 BTC had an Accumulation Trend Score of 0.90, showing strong accumulation. Wallets containing between 1,000 and 10,000 BTC recorded a score of 0.7, while smaller wallets also showed signs of accumulation with a trend score of 0.5.
“Large players have been the main buyers in this rally,” Glassnode commented on X.
In addition, CryptoQuant’s data revealed the largest BTC outflow from centralized exchanges in two years, based on the 100-day moving average.
CryptoQuant analysts noted, “This historical pattern suggests that investors are likely re-accumulating their assets.”
Outflows from exchanges often signal that investors prefer to store their Bitcoin in private wallets, indicating a long-term holding strategy and further supporting the notion of continued bullish sentiment.
