Large Bitcoin Holders Hint at a Top While Prices Trade Sideways

Whales Ease Off Bitcoin Accumulation as Price Action Stalls Near Peak Levels

Bitcoin (BTC) is currently consolidating in a narrow band between $107,000 and $109,000, hovering just below its all-time high. While price volatility has subsided, on-chain data signals a strategic pivot among major market participants—namely, large BTC holders known as whales.

According to Glassnode’s Accumulation Trend Score, which gauges recent buying activity by wallet size, whales appear to be slowing their accumulation efforts. The score for wallets holding 10,000 BTC or more has dropped to 0.4, down from more aggressive levels seen during the market’s April correction around $75,000. The score ranges from 0 to 1, with higher values indicating strong net accumulation. Importantly, the analysis excludes exchange and miner wallets for cleaner insight into investor sentiment.

While smaller wallet cohorts remain in buy mode, whales are starting to reduce their exposure—a move that could reflect profit-taking or a cautious approach near price resistance levels. Notably, these same large holders were early accumulators during the recent dip, adding credibility to their shift as a potential leading signal.

Reinforcing this view, exchange inflow data shows a reversal in trend: after a period of sustained outflows from whale wallets, recent days have seen notable BTC deposits back to exchanges. This kind of movement often precedes selling activity, particularly during periods of price consolidation.

Taken together, these indicators suggest whales may be positioning for a market cooldown—or at least hedging against near-term downside. The broader market will be watching closely: if whale behavior continues to shift, it could mark a turning point in Bitcoin’s current cycle.