Over the past week, the number of unique entities holding at least 1,000 BTC rose to 1,436, even as Bitcoin fell and remained firmly below $100,000.
This marks a strong reversal of the broader 2025 trend, where “OGs” and long-term participants have been consistent net sellers.
For context, this cohort peaked at over 1,500 entities in November 2024 amid the excitement and bullish movement following Donald Trump’s election victory. It dropped to around 1,300 in October.
The last time a price rally was seen with an increase in large holding entities was in January 2024, before the launch of the US ETF, when the number increased from 1,380 to 1,512 entities. Bitcoin eventually peaked around $70,000 a couple of months later.
More evidence supports this from Glassnode’s Accumulation Trend Score, which breaks down the behavior of wallet cohorts.
This metric measures the relative strength of coin acquisition at different balance levels depending on the size of the entity and the volume of coins accumulated over the last fifteen days. A reading close to one indicates accumulation, while a reading close to zero indicates distribution. Entities such as exchanges and miners are excluded.
For the first time since August, whales holding more than 10,000 BTC are no longer big sellers, with their score now around 0.5. Entities holding between 1,000 and 10,000 BTC are now showing modest accumulation.
The strongest accumulation comes from holders with between 100 and 1000 BTC and from wallets with less than 1 BTC. The data suggests a growing conviction by entities large and small that bitcoin is undervalued at current levels.
