Prices continue to face downward pressure, and the mood is so bleak that it feels reminiscent of 2022. However, in a surprising turn of events, bitcoin (BTC) whales are starting to accumulate once again for the first time in almost a year.
After a prolonged period of selling as bitcoin soared to a peak exceeding $109,000, these so-called whales—wallets that hold 10,000 BTC or more—are significantly increasing their holdings as prices hover just over $80,000, based on data from Glassnode.
The last notable whale buying spree occurred in August 2024, when bitcoin was trading between $50,000 and $60,000 during the unwinding of the yen carry trade.
Often regarded as the “smart money,” whales typically purchase during substantial market corrections and sell during bullish phases—a pattern that has consistently emerged over the last eight months.
Despite this uptick in whale activity, the overall market sentiment remains bearish, with bitcoin currently down 25% from its all-time high. Glassnode’s Accumulation Trend Score, which monitors the behavior of various wallet groups over a 15-day period, indicates that the majority of other investor categories are still in a selling phase.
A score nearing 1 signifies accumulation, while a score close to 0 denotes distribution. With the overall market score resting at just 0.15, selling pressure continues to prevail. This implies that while whales are beginning to buy the dip, broader market sentiment remains pessimistic, which could exert additional downward pressure on prices—at least in the near term.