Bitcoin prices are facing continued downward pressure, and despite a surge in whale buying, market sentiment remains weak, reflecting a scenario reminiscent of 2022. For the first time in nearly a year, bitcoin (BTC) whales are accumulating again, buying up large quantities of the cryptocurrency as prices hover just above $80,000.
After months of distribution when bitcoin soared to an all-time high above $109,000, wallets holding 10,000 BTC or more have begun increasing their holdings, according to Glassnode data. The last time such aggressive whale accumulation occurred was in August 2024, when bitcoin traded in the $50,000-$60,000 range amid the unwinding of the yen carry trade.
Whales, often referred to as “smart money,” tend to buy during sharp corrections and sell when prices rise, a strategy that has proven consistent over the last several months. However, despite this renewed whale activity, the broader market sentiment remains bearish. Bitcoin is currently down 25% from its record high.
Glassnode’s Accumulation Trend Score, which tracks the behavior of different investor groups over a 15-day period, shows that most other cohorts are still in distribution mode. The score, which ranges from 0 (distribution) to 1 (accumulation), currently stands at just 0.15, indicating that selling pressure remains dominant across the market. While whales are buying the dip, the prevailing market sentiment continues to be bearish, suggesting that prices may face further downward pressure in the short term.
