Bitcoin Steadies Near $118K as Demand from All Wallet Sizes Surpasses Supply
Bitcoin is currently trading around $118,000, holding steady just 5% below its all-time high, as on-chain data signals widespread accumulation across all segments of the market.
Analysis from Glassnode shows that every major wallet cohort—from retail “shrimps” with less than 1 BTC to institutional-scale “whales” holding over 10,000 BTC—is registering an Accumulation Trend Score of 1, the strongest possible reading. The score reflects sustained net inflows over the last 15 days, adjusted for wallet size and user activity, with a reading of 1 indicating aggressive buying behavior.
This level of synchronized accumulation is uncommon and was last observed during the bullish phases of November 2024 and May 2025. Unlike past cycles, this wave is being driven primarily by smaller holders, particularly wallets holding under 100 BTC.
These “crab” and “fish” cohorts are now accumulating BTC at a monthly rate of 19,300 BTC, outstripping the current monthly issuance of 13,400 BTC. In practical terms, retail and mid-sized investors are absorbing more than the total newly mined supply, leading to a tightening of available coins on the market.
As Bitcoin consolidates near record highs, this supply imbalance could add upward pressure, setting the stage for a potential breakout should demand persist.
