Data from Glassnode shows that large Bitcoin holders, particularly those with more than 10,000 BTC, have been actively accumulating, further fueling confidence in the market’s bullish trend.
Bitcoin’s price has recently bounced back to $94,000 after falling below $75,000 earlier this month. This rally has been driven largely by crypto whales—large investors who have been buying substantial amounts of Bitcoin, signaling a strong market recovery.
Glassnode’s proprietary Accumulation Trend Score, which measures on-chain accumulation, shows a clear rise in buying activity. A score of 1 indicates a strong accumulation trend, while a score closer to zero signals less buying behavior.
As of Thursday, wallets holding over 10,000 BTC recorded an accumulation score of 0.90, demonstrating significant buying activity. Wallets with between 1,000 and 10,000 BTC scored 0.7, while smaller wallets showed signs of accumulation as well, with a trend score of 0.5.
“Large-scale investors have been the key drivers behind the current rally,” Glassnode remarked on X.
In parallel, CryptoQuant’s data revealed the largest outflow of BTC from centralized exchanges in two years, according to the 100-day moving average.
“Historical patterns suggest this outflow could be a sign of investors re-accumulating their Bitcoin,” said analysts at CryptoQuant.
The movement of BTC away from exchanges is seen as a sign of long-term holding, as investors prefer to store their assets privately, further reinforcing the bullish outlook for Bitcoin.
