bitcoin Whales, or holders of at least 1,000 BTC, have been the dominant buyers since the price of the largest cryptocurrency bottomed near $80,000 in late November, according to Glassnode data. They remain the strongest accumulators, with bitcoin trading just below $90,000.
According to Glassnode data, the 1,000 to 10,000 BTC cohort is the only group showing sustained accumulation, with an accumulation tendency score close to 1.
The metric breaks down buying and selling behavior between cohorts of wallets, measuring both the size of the entities and the net amount of bitcoins they have acquired in the last 15 days. A score closer to 1 indicates accumulation, while a score closer to 0 indicates distribution.
The data suggests that large holders have been accumulating bitcoins in the $80,000 range, a price level where bitcoin has not traded for an extended period compared to other price segments.
This behavior contrasts sharply with the smaller forks, all of which show varying degrees of distribution.
Given that the Crypto Fear and Greed Index has remained in “fear” or “extreme fear” for approximately the last 30 days, this selling pressure from smaller entities likely reflects a capitulation.
Meanwhile, the 10,000+ BTC cohort of whales were buying aggressively when bitcoin was trading near $80,000 in late November, although they have begun to slow in recent weeks. Still, as a group they are still not selling, which was the dominant behavior when the BTC price surpassed $100,000 in the middle of the year.
