Prices remain under pressure, and sentiment is so weak one would think it’s 2022 all over again. However, for the first time in nearly a year, bitcoin (BTC) whales are starting to purchase again.
According to data from Glassnode, wallets holding 10,000 BTC or more, commonly referred to as ‘whales,’ are meaningfully accumulating as prices dip to just above $80,000. This shift comes after months of distribution when bitcoin surged to a record high above $109,000.
The last time whales exhibited such aggressive buying behavior was in August 2024, with bitcoin trading in the $50,000-$60,000 range during the unwinding of the yen carry trade.
Typically considered “smart money,” these whales tend to buy during deep corrections and sell into strength—a pattern that has been consistently observed over the past eight months.
Despite this renewed activity from whales, the broader market sentiment remains bearish, with bitcoin currently down 25% from its all-time high. Glassnode’s Accumulation Trend Score, which measures wallet behavior over a 15-day window, indicates that most other investor groups are still in distribution mode.
This score, which ranges from 0 to 1, currently sits at just 0.15, reflecting dominant selling pressure in the market. While whale buying may signal potential upward movement, the overall market sentiment leans bearish, which could impose further downward pressure on prices in the near term.
