Bitcoin Consolidates Near $118K as Network-Wide Accumulation Intensifies

Bitcoin is trading just above $118,000, roughly 5% below its all-time high, as on-chain data reveals a surge in accumulation across nearly all wallet sizes—from retail investors to large institutions.

According to Glassnode, every major wallet cohort—from “shrimps” holding less than 1 BTC to “whales” with over 10,000 BTC—is now posting an Accumulation Trend Score of 1, the highest possible reading. This metric reflects strong net inflows over the past 15 days, normalized for wallet size and adjusted for entity activity. A score of 1 indicates aggressive accumulation, while values closer to 0 reflect net distribution.

Such synchronized buying behavior is rare and was last observed during significant bullish pivots in November 2024 and May 2025. This time, mid- and small-sized holders are taking the lead.

Wallets with less than 100 BTC—often referred to as crabs and fish—are collectively accumulating at a pace of 19,300 BTC per month, Glassnode data shows. That figure exceeds the current monthly bitcoin issuance, which stands at just 13,400 BTC, underscoring the growing demand pressure.

In effect, retail and mid-sized entities are now absorbing more than 100% of newly mined BTC, tightening supply and adding upward pressure to the price—even as Bitcoin consolidates below its all-time high.