Bitcoin (BTC) whales have returned to the market, actively accumulating during the recent price dip, marking the first substantial buying activity in nearly a year. Data from Glassnode reveals that large wallets, holding 10,000 BTC or more, have been increasing their positions as Bitcoin’s price sits just above $80,000, after months of distribution following the cryptocurrency’s peak above $109,000.
The last time we saw this level of whale accumulation was in August 2024, when Bitcoin traded in the $50,000-$60,000 range, amid the unwinding of the yen carry trade. Typically seen as the “smart money” in the market, whales tend to purchase during price corrections and capitalize on rallies, which aligns with their current buying behavior.
However, despite the whales’ renewed buying interest, the broader market sentiment remains subdued. Bitcoin is still down approximately 25% from its all-time high, and Glassnode’s Accumulation Trend Score indicates that most investor groups are still in a selling mode. The score, which tracks the activity of different wallet cohorts, currently sits at 0.15, suggesting that the overall market sentiment continues to lean bearish, which may put additional downward pressure on Bitcoin’s price in the near term.
