Whales Shift From Accumulation to Distribution as Bitcoin Trades Near All-Time High
As Bitcoin (BTC) hovers just below its all-time high, large holders appear to be adjusting their strategies. Currently, BTC is consolidating between $107,000 and $109,000, a tight range that reflects short-term market indecision. But beneath the surface, on-chain data reveals a shift among key players: the whales.
According to data from Glassnode, the Accumulation Trend Score, which tracks wallet-size cohorts and their recent buying behavior, has dropped significantly for the largest entities. This metric ranges from 0 to 1, with values near 1 signaling strong accumulation. For wallets holding 10,000 BTC or more, the score has now declined to 0.4, indicating a move away from aggressive buying. Exchange and miner wallets are excluded from this analysis to focus solely on investor activity.
This is a notable development. These large holders were early accumulators at the April lows near $75,000, taking positions ahead of the latest rally. But now, while smaller cohorts continue to accumulate, whales have begun reducing exposure—possibly locking in gains or hedging against short-term uncertainty as Bitcoin flirts with record territory.
Additional confirmation of this behavior comes from exchange inflow trends. For weeks, whale wallets were steadily withdrawing BTC from exchanges, typically a bullish sign suggesting a reluctance to sell. However, this trend has recently reversed. In two of the last three days, whales have begun moving BTC back to exchanges, a behavior historically linked to increased selling pressure.
This pivot prompts a critical question for market participants: Are whales signaling that Bitcoin is approaching a local top? As the price stabilizes near its highs, the actions of these influential holders could be foreshadowing the next major move.
