- Whale wallets holding over 10,000 BTC reignited strong accumulation as smaller holders aggressively distributed throughout the year.
- Bitcoin surged past $100,000 in early 2025 as mid to large holders accumulated heavily from August to December before shifting to distribution.
- Accumulation collapsed after January’s peak, with large holders leading distribution as Bitcoin dropped below $85,000 by April 2025.
Whale wallets holding over 10,000 BTC have reignited strong accumulation activity, pushing their trend score near 0.6. In contrast, wallets with less than 1 BTC continue aggressive distribution, with scores dipping below 0.2. This widening divergence signals a growing divide between large and small Bitcoin holders.
Between April 2024 and April 2025, Bitcoin’s price ranged from $55,000 to over $100,000. Accumulation behaviors shifted drastically across wallet cohorts as price action evolved. Glassnode’s Trend Accumulation Score now confirms an intensified disparity in holding strategies.
Whales Return Amid Market Weakness
From April to July 2024, accumulation remained weak among all wallet sizes. Bitcoin’s price declined from $68,000 to nearly $56,000. Large holders, including the >10,000 BTC cohort, stayed mostly inactive. However, accumulation surged sharply in August among 1–10 BTC and 10–100 BTC wallets. Consequently, Bitcoin’s price rebounded past $65,000 by the end of August.
By September, larger cohorts, especially those holding between 100 and 10,000 BTC, began increasing their positions. This bullish momentum continued through October. Moreover, from October to mid-December, mid-tier and large wallets showed consistent accumulation. Notably, the >10,000 BTC group peaked in mid-November. Hence, the price soared above $90,000 and later surpassed $100,000 by early January 2025.
Distribution Follows Peak Price
After the January 2025 peak, accumulation sharply declined across all major cohorts. Whales and large holders began distributing by February. Additionally, 1,000–10,000 BTC and 100–1,000 BTC groups followed similar paths. Bitcoin’s price dropped below $90,000 by March 2025.
From February to April 2025, accumulation remained subdued. Distribution intensified especially among holders with over 100 BTC. Consequently, the market saw continued price weakness, falling below $85,000 in early April. Besides, smaller wallets remained relatively neutral throughout. Wallets holding under 1 BTC showed little influence on broader trends.
