As prices plummet, very large investors (or whales) holding 10,000 Bitcoin or more are the only ones currently buying into the largest cryptocurrency.
According to on-chain data, all other holder groups are pressing the sell button.
This difference is highlighted by Glassnode’s Wallet Group Cumulative Trend Score, which measures the relative behavior of different entity sizes based on their balances and number of Bitcoins acquired over the past 15 days. A score close to 1 indicates a buy, while a value close to 0 indicates a sell.
Glassnode data shows that the largest whales are in the “light accumulation” stage and have maintained a neutral to slightly positive balance trend since Bitcoin fell to $80,000 in late November. During this period, prices have largely consolidated, trading between $80,000 and $97,000 as of late January.
Bitcoin is currently trading near $78,000, according to CoinDesk.
In contrast, all smaller groups are net sellers, especially retail holders holding less than 10 BTC. The category has been selling off for more than a month, reflecting continued downside and risk-off sentiment among smaller players.
Meanwhile, the number of independent entities holding at least 1,000 BTC increased to 1,303 from 1,207 in October.
The growth of this group suggests that larger holders have been buying into Bitcoin’s correction since it hit all-time highs in October. Whales holding at least 1,000 BTC are currently back at the December 2024 highs, reinforcing the idea that large players are absorbing supply while smaller holders continue to exit.
