Despite a continued bearish market, bitcoin (BTC) whales are making a comeback, seizing the opportunity to accumulate as prices dip. For the first time in nearly a year, wallets holding 10,000 BTC or more have begun increasing their holdings as the price falls to around $80,000, according to Glassnode data.

After a prolonged period of distribution following Bitcoin’s all-time high above $109,000, whales appear to be capitalizing on the current price correction. The last time such aggressive whale accumulation was seen was in August 2024, when Bitcoin ranged between $50,000 and $60,000 amid shifting global economic conditions, including the unwinding of the yen carry trade.

Whales, often regarded as the “smart money” in crypto markets, typically buy during significant price pullbacks and sell into market rallies. However, despite this renewed buying activity from whales, broader market sentiment remains largely negative, with Bitcoin down about 25% from its peak.

According to Glassnode’s Accumulation Trend Score, which tracks the behavior of different wallet cohorts, most investors are still in distribution mode. The current score, sitting at just 0.15, indicates that the broader market is still dominated by selling pressure. This suggests that while whales are actively buying the dip, the prevailing market sentiment remains bearish, and further downward price pressure is likely in the short term.