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Large Bitcoin holders — commonly referred to as “whales” — are currently the only investor cohort actively accumulating BTC, even as the price continues to decline. According to on-chain data from Glassnode, all other investor groups are showing net selling behavior.
This divergence highlights a growing gap between large-scale investors and retail participants, as Bitcoin trades near $78,000 amid ongoing market uncertainty.
Accumulation Trend Score Reveals Sharp Investor Divergence
The trend is clearly reflected in Glassnode’s Accumulation Trend Score, broken down by wallet size. The metric measures the relative accumulation behavior of different investor cohorts based on changes in their Bitcoin holdings over the past 15 days.
A score closer to 1 indicates active accumulation
A score closer to 0 signals distribution or selling
Glassnode data shows that the largest whale cohort — wallets holding 10,000 BTC or more — is currently in a phase of “mild accumulation.” Their balance trend has remained neutral to slightly positive since Bitcoin first fell below $80,000 in late November.
During that period, BTC largely moved sideways within a broad $80,000–$97,000 range through the end of January, suggesting that large holders were steadily absorbing supply during consolidation.
Retail and Smaller Investors Continue to Sell
In contrast, all smaller investor groups are net sellers, with the most pronounced distribution coming from retail wallets holding less than 10 BTC. This cohort has been selling consistently for more than a month, reflecting:
heightened risk aversion
declining confidence in near-term price recovery
concern that the current downtrend may extend further
Such behavior is typical during corrective phases, where smaller participants tend to reduce exposure while larger players take the opposite side of the trade.
Number of Large BTC Holders Continues to Rise
Supporting the accumulation narrative, Glassnode data shows that the number of entities holding at least 1,000 BTC has increased significantly:
October: 1,207 entities
Current: 1,303 entities
This rise has occurred since Bitcoin’s all-time high in October, suggesting that large investors have been accumulating during the pullback rather than exiting positions.
Notably, the count of entities holding 1,000+ BTC has now returned to levels last seen in December 2024, reinforcing the view that large market participants are absorbing supply while smaller investors continue to step away.
Market Implications
The growing concentration of Bitcoin among large holders may have important implications for market structure:
Reduced liquid supply as BTC moves into long-term hands
Increased sensitivity to future demand shocks
Continued volatility driven by weaker hands exiting positions
However, Glassnode data reflects behavioral trends, not price forecasts, and does not guarantee future market direction.
Disclaimer
This article is for informational purposes only and represents a personal blog perspective. It does not constitute investment advice. Readers should conduct their own research before making any financial decisions. The author assumes no responsibility for any investment outcomes.
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Bitcoin (BTC) se află într-un moment crucial, fiind negociat acum în jur de US 87.756. În ciuda corecției recente, scenariul macro și datele on-chain sugerează că acesta ar putea fi "odihna" înainte de saltul către șase cifre.
📉 Factorul Macro: Încrederea Consumatorului în Cădere Liberă
Tocmai am primit datele privind Încrederea Consumatorului (CB) din SUA, iar rezultatul a fost un șoc pentru piața tradițională:
Ianuarie/2026: 84,5
Proiecție: 90,6
Anterior: 94,2
Valorile inferioare așteptate sunt considerate negative pentru dolar (USD). Cu încrederea prăbușindu-se la 84,5, presiunea asupra dolarului crește, ceea ce favorizează istoric activele rare precum Bitcoin.