Bitcoin News Cryptocurrency Editor's Picks

Bitcoin Whales Resume Accumulation

Bitcoin Whales Resume Accumulation

TL;DR

  • Bitcoin whales have resumed accumulation after eight months of selling, with recent purchases near $82,000, according to Glassnode.
  • The market remains in a distribution phase, with a score of 0.15, indicating prevailing selling pressure.
  • Although whales typically buy during downturns, Bitcoin is still 25% below its all-time high, with no clear signs of a trend reversal.

Bitcoin whales have resumed accumulation after eight consecutive months of selling. Glassnode data shows that large investors holding over 10,000 BTC have started buying again, something that hadn’t happened since August 2024.

At that time, Bitcoin was trading between $50,000 and $60,000, whereas now the price has pulled back to just over $82,000 after reaching an all-time high above $109,000. This suggests that some investors see the current level as an opportunity to increase their holdings.

Despite this renewed activity, most of the market remains in a distribution phase. Glassnode’s Accumulation Trend Score, which measures buying and selling activity across different investor groups, remains at 0.15. A score closer to 1 would indicate strong accumulation, while a number near 0 signals a predominance of selling. This suggests that although whales are acquiring more Bitcoin, overall selling pressure remains high and could impact the price in the short term.

Bitcoin Whales

Whales Fail to Reverse the Bearish Trend

Whale behavior in the past has followed a recurring pattern: buying during downturns and selling when prices rise. This strategy has remained consistent in recent months, as investors seek to take advantage of deep market corrections. However, with the current bearish trend and Bitcoin still 25% below its last record high, the broader market has yet to shift direction.

Negative sentiment persists, reminiscent of 2022 when Bitcoin also experienced a prolonged correction phase. While the start of whale accumulation could signal a potential shift in the future, the market as a whole continues to lean towards selling.

Related posts

Latest New York bill instructs public office holders to disclose their crypto assets

Afroz Ahmad

Do Kwon Refutes Claims He Cashed Out $2.7B before Terra’s Implosion

Jai Hamid

IOG Presents Ofelimos: A Proof-Of-Useful-Work Consensus Protocol

Joseph Alalade