Whales Take Advantage of Bitcoin Dip: Largest Accumulation in Months

Bitcoin (BTC) whales are making a notable comeback, stepping in to accumulate during the current price dip, marking the first significant buying activity in nearly a year. According to data from Glassnode, wallets holding 10,000 BTC or more are beginning to increase their holdings as prices hover just above $80,000, following months of distribution after Bitcoin reached an all-time high above $109,000.

The last time such a surge in whale accumulation occurred was in August 2024, when Bitcoin was trading in the $50,000-$60,000 range amid the unwinding of the yen carry trade. Whales, often viewed as market movers, tend to buy when prices are low and sell when prices rise, which has been evident in their recent actions.

Despite this renewed activity from the large holders, the overall market sentiment remains bearish. Bitcoin is currently down about 25% from its all-time high, and Glassnode’s Accumulation Trend Score, which tracks the buying or selling behavior of various investor groups, shows that most other cohorts are still in distribution mode. With the overall market score sitting at a low 0.15, selling pressure continues to dominate, indicating that while whales are buying, the broader market sentiment could continue to push prices lower in the short term.

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