Bitcoin BTC$89,558.82 Whales, or holders of at least 1,000 BTC, have been the main buyers since the price of the largest cryptocurrency bottomed out at nearly $80,000 in late November, according to data from Glassnode. They remain the strongest accumulators as Bitcoin’s trading price is just below $90,000.
According to Glassnode data, the 1,000-10,000 BTC cohort is the only group showing sustained accumulation, with an accumulation trend score close to 1.
This indicator analyzes the buying and selling behavior of the entire wallet cohort, measuring both the size of the entity and the net amount of Bitcoin acquired over the past 15 days. Scores close to 1 indicate accumulation, and scores close to 0 indicate distribution.
Data suggests that large holders are accumulating Bitcoin in the $80,000 range, and at this price level Bitcoin has not traded for a long period of time compared to other price buckets.
This behavior is in sharp contrast to small holders, who all exhibit varying degrees of distribution.
Given that the Crypto Fear and Greed Index has been in a “fear” or “extreme fear” state for most of the past 30 days, this selling pressure from smaller companies likely reflects capitulation.
Meanwhile, a group of whales with more than 10,000 BTC, who were actively buying Bitcoin when it traded near $80,000 in late November, have started to slow down in recent weeks. Still, as a cohort, we haven’t sold yet. This was the dominant move when BTC prices topped $100,000 around mid-year.
