TL;DR
- Bitcoin whales ramped up their accumulation in early April, while smaller holders reduced their positions amid uncertainty.
- Growing institutional interest in BTC is driven by geopolitical tensions and signs of deglobalization, though its effects are not immediate.
- With BTC trading below $77,000, over 25% of the total supply shows unrealized losses—a typical correction cycle in the market.
On-chain metrics reveal a clear divergence between large and small Bitcoin holders. According to Glassnode data, whales—investors holding more than 10,000 BTC—significantly increased their buying activity at the beginning of April, reaching an accumulation score close to the maximum. This suggests a steady accumulation phase, driven by long-term expectations.
In contrast, users holding less than 100 BTC began selling their assets. Their accumulation scores dropped to low levels, indicating a more defensive strategy in response to macroeconomic uncertainty. This difference in behavior highlights a split in market perception, where larger investors continue to grow their positions while smaller holders adopt a more cautious stance.
Whales holding >10K $BTC briefly hit a perfect accumulation score (~1.0) at the turn of the month, reflecting intense 15-day buying. The score has since eased to ~0.65, still signaling steady accumulation.
Meanwhile, cohorts from <1 $BTC up to 100 $BTC have intensified their… https://t.co/cEo3F7Paid pic.twitter.com/7udA7G8nSM— glassnode (@glassnode) April 7, 2025
Global economic conditions play a role in these decisions. Geopolitical tensions and deglobalization signals are fueling interest in Bitcoin as a hedge against external risks. Some analysts see this trend as a potential precursor to a gradual increase in institutional demand. However, this kind of accumulation usually unfolds over extended periods and does not have an immediate impact on price.
Bitcoin (BTC) Drops Below $77,000
Despite the favorable long-term outlook, Bitcoin’s market value has suffered a sharp decline, falling below $77,000. According to CoinMarketCap, BTC is trading just under $76,600, reflecting a daily loss of 2.2%.
Unrealized losses have also increased. A report from CryptoQuant estimates that more than 25% of the total BTC supply is currently in the red. While this figure may seem alarming, it is not unusual within the historical behavior of the market. At various points throughout 2024, similar or even higher percentages were recorded, underscoring the cyclical nature of Bitcoin’s price movements.
