Bitcoin Whales Ramp Up Accumulation While Smaller Investors Shift to Selling Amid Market Uncertainty
Bitcoin’s biggest holders are doubling down—while smaller investors pull back.
Recent data from blockchain analytics firm Glassnode reveals a striking divergence in market behavior: Bitcoin whales, or entities holding more than 10,000 BTC, reached peak accumulation levels earlier this month, while smaller investors moved in the opposite direction, selling off their assets amid market fluctuations.
According to Glassnode, these whale accounts briefly achieved an accumulation score of approximately 1.0—a level signaling intense and coordinated buying activity—around the start of the month. Though the score later eased to 0.65, the continued buying suggests whales are maintaining confidence in Bitcoin’s long-term potential.
In contrast, smaller holders—those with less than 100 BTC—have shown a strong inclination toward distribution. Their accumulation scores have dropped to between 0.1 and 0.2, signaling a significant uptick in selling. This divergence highlights a split in market sentiment: larger players are doubling down, while retail investors appear more cautious.
One X (formerly Twitter) user summarized the mood: “This divergence shows the bigger players are still accumulating, while smaller holders are selling. Market sentiment remains split.”
What's Driving the Divide?
Analysts suggest that macroeconomic factors may be influencing these contrasting strategies. Ongoing geopolitical tensions, concerns around de-globalization, and uncertainty in global markets are pushing some institutional investors toward Bitcoin as a long-term hedge.
Industry analyst Will Clemente commented, “Zooming out, seeds are being sown for global accumulation of BTC—not just as a hedge against money supply growth but also against de-globalization and geopolitical risks. These allocations won’t come overnight, but this is what Bitcoin was made for.”
Market Pressures Remain
Despite the underlying optimism among whales, Bitcoin's price has been under pressure. At the time of writing, it trades just below $80,000, according to BeInCrypto, marking a modest 5% gain over the past 24 hours but still falling short of recent highs.
The decline has impacted corporate holders as well. Several public companies now report unrealized losses on their Bitcoin holdings, with some—including Strategy—pausing new acquisitions in response to current market conditions.
Additional data from CryptoQuant reveals that roughly 25.8% of Bitcoin’s circulating supply is currently held at a loss. While significant, this figure aligns with previous market corrections seen throughout 2024, including in January (24.1%) and September (29.9%). Historically, such phases are not uncommon and often signal cyclical price recalibrations rather than long-term downturns.