BTC Stalls Near Peak Levels While On-Chain Data Shows Broad-Based Buying

Bitcoin Holds Near $118K as Broad-Based Accumulation Outpaces Supply

Bitcoin is hovering around $118,000, just over 5% below its all-time high, as on-chain data points to aggressive accumulation across nearly all wallet sizes—ranging from small retail investors to institutional giants.

According to Glassnode, every major wallet cohort is now showing an Accumulation Trend Score of 1, the highest possible value. This metric tracks net BTC inflows over the past 15 days, adjusted for wallet size and activity. A score of 1 indicates sustained accumulation, while a score near 0 signals net selling.

This level of synchronized buying is rare, last seen during key inflection points in November 2024 and May 2025. Notably, smaller holders are playing a leading role in this cycle.

Wallets holding less than 100 BTC—the so-called crabs and fish—are now acquiring BTC at a combined pace of 19,300 BTC per month, far exceeding the current monthly issuance of 13,400 BTC.

That means retail and mid-sized investors alone are absorbing more than 100% of newly mined supply, creating a tightening effect in circulating coins even as prices consolidate below record highs.

With network-wide accumulation intensifying, and demand continuing to outpace supply, underlying market pressure suggests any breakout above all-time highs could come on the back of increasingly scarce liquid BTC.