In an unexpected turn against the prevailing selling trend of 2025, the most recent data from Glassnode reveals that Bitcoin accumulation has gained significant new momentum over the past week. The number of entities holding at least 1,000 BTC rose to 1,436, marking a clear divergence while the asset’s price trades at multi-month lows below $100,000.
This behavior breaks the pattern observed throughout much of the year, where long-term participants had acted as net sellers. According to the analysis of on-chain metrics, this uptick in institutional and large capital holdings reminiscent of the phase prior to the ETF launch in January 2024, when entities grew from 1,380 to 1,512 before the price reached new all-time highs.
Does this movement indicate the asset is undervalued at current levels?
Glassnode’s Accumulation Trend Score supports this thesis, showing that whales with more than 10,000 BTC have stopped selling aggressively, stabilizing their score near 0.5. On the other hand, the group of investors owning between 100 and 1,000 BTC, as well as smaller owners with less than 1 BTC, are showing the strongest buying conviction recorded since August.
This shift in sentiment suggests that both large players and retail investors perceive current prices as an attractive entry opportunity, betting on an imminent recovery. Furthermore, blockchain technology allows us to visualize how these wallet cohorts are absorbing available supply, reducing selling pressure and setting the stage for a potential bullish reversal in the short to medium term.
If this supply absorption trend continues, the market could be forming a solid technical floor before the end of the year. The reactivation of buying by “whales” has historically preceded sustained price movements, inviting investors to closely monitor these capital flows as leading indicators of market health.
