Whales Accumulate Bitcoin as Retail Traders Sell Amid Price Dip
On-chain data from Glassnode shows a stark contrast in behavior between large Bitcoin holders and retail investors amid the cryptocurrency’s recent downturn. While smaller holders continue to offload their positions, the largest investors—commonly referred to as whales—are quietly accumulating.
Glassnode defines whales as entities holding 10,000 BTC or more, and according to the latest data, they are currently the only group actively buying as Bitcoin prices slide. All other cohorts, particularly retail holders with less than 10 BTC, have been net sellers, reflecting risk aversion and continued downside pressure.
The divergence is captured in Glassnode’s Accumulation Trend Score by wallet cohort, which tracks relative buying and selling behavior over the past 15 days. Scores closer to 1 indicate accumulation, while values near 0 signal selling. Data indicates that the largest whales are in a “light accumulation” phase, maintaining a neutral-to-slightly-positive balance trend since Bitcoin fell to $80,000 in late November. Over this period, Bitcoin has largely consolidated, trading in a range between $80,000 and $97,000 through the end of January. As of now, CoinDesk reports Bitcoin trading near $78,000.
Smaller cohorts have been consistently selling, with retail holders showing persistent net outflows for more than a month. Meanwhile, the number of unique entities holding at least 1,000 BTC has risen from 1,207 in October to 1,303, signaling continued interest from larger players.
Since Bitcoin’s all-time high in October, growth among these major holders suggests that whales have been actively absorbing supply during the correction. Entities holding 1,000 BTC or more are now back at December 2024 levels, reinforcing the view that large investors are capitalizing on lower prices while smaller holders exit the market.
