Bitcoin Whales Begin Distributing as Price Hovers Below Record Highs

Bitcoin is trading in a tight range between $107,000 and $109,000, just shy of its all-time high. While price action appears calm, behind the scenes, large holders—often referred to as whales—are showing signs of shifting from accumulation to distribution.

Fresh insights from Glassnode’s Accumulation Trend Score, which monitors buying patterns across different wallet sizes, highlight this subtle but meaningful change. The score for the largest wallet cohort—holders of 10,000 BTC or more—has recently fallen to 0.4, down from earlier highs. This metric, which excludes known exchange and miner wallets, suggests that whales are easing off their buying activity. A score near 1 implies strong accumulation, while readings closer to 0 indicate distribution.

These whales were among the earliest to re-enter the market during the April correction, accumulating heavily around the $75,000 level. But now, as Bitcoin trades near peak levels, they’re beginning to trim their positions—even as smaller investors continue to buy.

Supporting this shift, exchange flow data shows a reversal in whale behavior. After weeks of consistent outflows—which typically signal long-term holding—whales have started moving coins back onto exchanges. Over the past three days, there have been two significant inflow events, historically a precursor to potential selling pressure.

This behavior introduces a new layer of uncertainty: Are whales preparing for a local top, or simply rebalancing portfolios in response to resistance at all-time highs? Either way, their actions could set the tone for Bitcoin’s next major move.