Bitcoin Whales Surge Back into the Market, Boosting BTC Prices, According to On-Chain Data.

Recent Glassnode data reveals a surge in Bitcoin accumulation by major holders, particularly entities controlling over 10,000 BTC, signaling growing market confidence.

Bitcoin’s price has climbed back to $94,000 after dipping below $75,000 earlier this month. This rebound has been largely fueled by crypto whales—large investors who are purchasing significant quantities of Bitcoin, suggesting that the rally is supported by strong institutional interest.

Glassnode’s Accumulation Trend Score, which tracks the buying behavior of on-chain entities, has surged in response to the rising demand. A score of 1 indicates widespread accumulation, while a score approaching zero suggests less buying activity.

As of Thursday, wallets holding over 10,000 BTC had an accumulation score of 0.90, while wallets with between 1,000 and 10,000 BTC scored 0.7. Even smaller wallets have shown a shift toward accumulation, with a trend score of 0.5.

“Large holders have been the main drivers of this rally,” Glassnode noted on X.

Additionally, data from CryptoQuant pointed to the largest BTC outflow from centralized exchanges in two years, when measured using the 100-day moving average.

CryptoQuant analysts remarked, “This outflow pattern suggests that investors may be re-accumulating Bitcoin and moving it into self-custody.”

The outflows from exchanges indicate a preference for private storage, typically associated with long-term holding strategies and reinforcing the bullish sentiment around Bitcoin.