Glassnode data indicates that large Bitcoin holders, especially those with over 10,000 BTC, are actively accumulating coins, signaling growing confidence in the market.

Bitcoin has bounced back to $94,000 after briefly dipping below $75,000 earlier this month. This recovery is being fueled by significant purchases from crypto whales—large investors with substantial capital—who are acquiring BTC, further validating the ongoing rally.

The renewed demand from these large players is reflected in Glassnode’s Accumulation Trend Score, a metric that tracks the activity of entities purchasing Bitcoin on-chain. A score of 1 suggests widespread accumulation, while a score closer to zero indicates limited buying.

As of Thursday, wallets with more than 10,000 BTC had a trend score of 0.90, signaling substantial accumulation. Those with 1,000 to 10,000 BTC had a score of 0.7, while smaller wallets were also leaning toward accumulation with a trend score of 0.5.

“Large investors have been the driving force behind this rally,” Glassnode observed on X.

In addition, CryptoQuant’s data revealed the largest Bitcoin outflow from centralized exchanges in two years, based on the 100-day moving average.

CryptoQuant analysts explained, “This could signal that investors are re-accumulating their holdings, preferring self-custody of their assets.”

Outflows from exchanges typically point to investors moving coins to private wallets, a strategy associated with long-term holding and a sign of continued bullish sentiment.