Bitcoin whales, or holders with at least 1,000 BTC, have been the dominant buyers since the price of the largest cryptocurrency bottomed near $80,000 at the end of November, according to Glassnode data. They remain the strongest accumulators as bitcoin trades just below $90,000.
According to Glassnode data, the 1,000-10,000 BTC cohort is the only group showing sustained accumulation, with an Accumulation Trend Score close to 1.
The metric breaks down buying and selling behavior across wallet cohorts, measuring both the size of entities and the net amount of bitcoin they have acquired over the past 15 days. A score closer to 1 indicates accumulation, while a score closer to 0 signals distribution.
The data suggests that large holders have been accumulating bitcoin in the $80,000 range, a price level bitcoin has not traded in for an extended period compared with other price buckets.
This behavior contrasts sharply with smaller holders, all of whom show varying degrees of distribution.
Given that the Crypto Fear and Greed Index has remained in “fear” or “extreme fear” for roughly the past 30 days, this selling pressure from smaller entities likely reflects capitulation.
Meanwhile, the 10,000-plus BTC whale cohort was aggressively buying when bitcoin traded near $80,000 in late November, though they have begun to slow over recent weeks. Still, as a cohort they are not yet selling, which was the dominant behavior the the BTC price topped $100,000 around mid-year.