Large investors – often called “whales” – holding 10,000 BTC or more are currently the only group buying into Bitcoin amid the price plunge.
Meanwhile, all other investor groups are selling, according to on-chain data.
This divergence is reflected in the Accumulation Trend Score index from Glassnode for each wallet group. This index measures the relative behavior of investor groups based on their balance size and the amount of Bitcoin they have accumulated over the past 15 days. A score closer to 1 indicates a buying trend, while a score nearer to 0 reflects a selling trend.
*Bitcoin Accumulation Trend (Glassnode)*Data from Glassnode shows that the largest whale group is in a “light accumulation” phase and has maintained a neutral to slightly positive balance trend since Bitcoin dropped below $80,000 at the end of November. During this period, prices mostly moved sideways, fluctuating between $80,000 and $97,000 until the end of January.
Currently, Bitcoin is trading around $78,000, according to market data.
In contrast, all smaller investor groups are net sellers, especially retail investors holding less than 10 BTC. This group has been continuously selling for over a month, reflecting risk-averse sentiment and concerns that the downtrend will continue.
At the same time, the number of entities holding at least 1,000 BTC has increased from 1,207 in October to 1,303 today.
*Number of entities with 1k BTC balance (Glassnode)*Since Bitcoin’s all-time high in October, the increase in this group indicates that large investors have taken advantage of the correction to buy in. The number of whales holding 1,000 BTC or more has now returned to the peak recorded in December 2024, reinforcing the view that big players are absorbing supply while retail investors continue to exit the market.
Thach Sanh
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