After months of constant distribution since August, Bitcoin whales have drastically changed their strategy, returning to net asset accumulation. According to on-chain data from analytics firm Glassnode, this renewed buying interest from large holders has been fundamental for the cryptocurrency to recover price levels above 90,000 dollars recently.
The trend shift is evident in cohort metrics, where entities holding more than 10,000 BTC now show an Accumulation Trend Score of 0.8. This indicator points to extremely strong and coordinated buying activity, something not seen with such intensity in recent months. Furthermore, mid-range investors, with balances between 1,000 and 10,000 coins, have also returned to buying.
On the other hand, data reveals that the market found fair value in the $80,000 region. This price zone notably coincides with the $82,000 cost basis of U.S. spot Bitcoin ETFs, which reinforces the perception of institutional support. Likewise, retail investors have shown their strongest conviction since July, taking advantage of the correction to aggressively accumulate satoshis.
Is the market preparing for a new rally towards all-time highs?
The reactivation of buying by Bitcoin whales injects a renewed dose of optimism into the entire digital economy. Seeing that both small investors and institutional giants are absorbing the available supply significantly reduces floating selling pressure. Thus, the market structure becomes much more resilient against potential bearish attempts in the short term.
This synchronization between different types of investors suggests a major psychological shift following the 35% drop from October highs. If the accumulation trend remains firm in the coming weeks, it is highly likely the asset will seek to consolidate above 90,000 dollars, setting the stage to challenge the psychological 100,000 dollar barrier again before the annual close.
