Bitcoin Whales Buy the Dip as Retail Investors Exit

Glassnode data reveals a sharp split in Bitcoin market behavior: while retail investors continue to sell, the largest holders—commonly known as whales—are quietly accumulating.

Entities holding 10,000 BTC or more are currently the only group adding to their positions as prices decline. Smaller holders, especially those with less than 10 BTC, have been net sellers for over a month, reflecting persistent caution among retail participants.

Glassnode’s Accumulation Trend Score by wallet cohort, which measures buying and selling over a 15-day period, highlights this divergence. Scores near 1 indicate accumulation, while values near 0 signal selling. Data shows whales in a “light accumulation” phase, maintaining a neutral-to-slightly-positive trend since Bitcoin dropped to $80,000 in late November. Bitcoin largely traded between $80,000 and $97,000 during this period and is now near $78,000, according to CoinDesk.

The number of entities holding at least 1,000 BTC has risen from 1,207 in October to 1,303, suggesting that large holders are absorbing supply while smaller investors exit. Whales in this cohort are now back at December 2024 highs, underscoring their continued accumulation amid market volatility.