Bitcoin Whales Pull Back as Price Nears All-Time High
Bitcoin is trading in a tight band between $107,000 and $109,000, just below its historic peak. While the rangebound action might appear calm, on-chain indicators reveal a more cautious tone among large-scale investors.
Glassnode’s Accumulation Trend Score, a metric that tracks wallet buying behavior over the past 15 days, shows a notable drop for the largest holders—wallets holding 10,000 BTC or more. That score now sits at 0.4, signaling fading accumulation interest. This comes after whales led the buying during April’s dip around $75,000.
Unlike smaller investors who continue to accumulate, whales appear to be taking a different tack. Whether it’s profit-taking or risk management near the highs, the shift marks a potential change in market leadership.
Further backing this development, exchange data shows a reversal in whale activity: after steady outflows that implied long-term holding, whales have started sending BTC back to exchanges in recent days—an action historically linked with increased sell-side pressure.
The timing raises eyebrows. With Bitcoin just below its peak, whale behavior could be signaling that a local top is forming, or at least that caution is creeping in at the upper end of the range.
