Bitcoin Range-Bound as Whales and Long-Term Holders Cash Out
Bitcoin (BTC) remains stuck between $110,000 and $120,000, even as gold and U.S. equities hover near all-time highs.
Glassnode’s Accumulation Trend Score shows widespread distribution across all wallet cohorts. This measure tracks whether wallets are accumulating or selling coins over a 15-day period, excluding exchanges and miners. Values closer to 0 indicate distribution, while values near 1 suggest accumulation.
At present, all cohorts—from holders with less than 1 BTC to whales with over 10,000 BTC—are selling. Large whales, in particular, have been offloading aggressively over the past year.
Long-term holders are also realizing profits. Wallets with coins held for 1+ year have dropped from 70% to 60% since November 2023, while 2+ year holders declined from 57% to 52%. The 3+ year cohort now stands just above 43%, steadily declining since November 2024. These wallets largely belong to investors from the 2021 cycle top around $69,000 and those who accumulated during the 2022 bear market lows near $15,500.
Holders of coins aged 5+ years remain largely inactive, suggesting that the longest-term investors are holding steady.
Overall, profit-taking by whales and cycle-era investors is keeping Bitcoin under pressure and range-bound, even as market conditions elsewhere remain buoyant.
