In the ever-evolving world of cryptocurrencies, the tides have turned once again. New on-chain data suggests a rather intriguing shift in the behavior of Bitcoin holders. Most are offloading their assets, yet a particular subset appears to be bucking the trend—those holding between 1,000 to 10,000 BTC are on a buying spree, according to the latest insights from analytics firm Glassnode.
The Accumulation Anomaly
Glassnode’s analysis, shared in a recent post on X (formerly known as Twitter), paints a curious picture of the current Bitcoin market. While many investors seem to be cashing in on their holdings amidst fluctuating prices, this specific group—often referred to as “whales” due to their substantial holdings—is doing the opposite. They’re buying. And they’re buying big.
“The Accumulation Trend Score is a fascinating tool that measures the balance of Bitcoin inflows and outflows across different cohorts,” explains Daniel Farber, a crypto analyst at CryptoInsights. “The fact that 1,000 to 10,000 BTC holders are accumulating suggests they might be anticipating a future price surge.” This behavior aligns with previous patterns observed when Bitcoin Whales Scoop Up BTC as Price Nears Record High in Sign of Growth Expectations.
This behavior can signal confidence among these major players, potentially hinting at a belief in the long-term growth of Bitcoin or an upcoming market event that could drive prices up. It’s a noteworthy development, especially considering the current market dynamics.
Market Dynamics and Whales’ Influence
The broader market has been on a rocky path throughout 2025, with Bitcoin experiencing its fair share of ups and downs. As of today, July 10, Bitcoin trades at levels that oscillate between moments of optimism and concern. The market’s volatility has kept traders on their toes, with many opting to sell in fear of further declines.
Yet, the whales seem unfazed. Their aggressive accumulation could be an indicator of several underlying factors. Some speculate that these large holders might have insider knowledge or are simply leveraging their vast resources to manipulate market conditions in their favor. Others believe this behavior is a hedge against potential economic downturns, viewing Bitcoin as a form of digital gold—a safe haven in turbulent times.
“Whales have historically been market movers,” notes Emma Chao, a blockchain strategist. “Their actions can significantly sway market sentiment and, consequently, price movements. If they continue to accumulate, it could create a scarcity effect, driving prices higher.” This sentiment is echoed in Analyst Sees a Bitcoin Market Shift — Here’s What’s Happening, which discusses the potential implications of such whale activity.
Historical Context and Implications
Historically, whale activity has been a precursor to significant market movements. Back in 2021, similar patterns were observed when Bitcoin was on the verge of reaching its then-all-time high. Large holders began accumulating in anticipation of a bull run, and the market responded accordingly.
However, it’s essential to approach these trends with a degree of caution. While the whales’ buying frenzy might signal a bullish future, the market remains unpredictable. Factors such as regulatory developments, macroeconomic shifts, and technological advancements can all play a role in altering the trajectory.
Looking ahead, this accumulation trend raises questions about the potential for upcoming market shifts. Will these whales trigger another bull run, or are they simply bolstering their portfolios against unforeseen market downturns? The answers remain elusive, but one thing is clear—this cohort’s actions will be closely monitored by traders and analysts alike.
As the crypto world watches these developments unfold, the spotlight remains firmly on the whales. Their moves could very well shape the next chapter in Bitcoin’s storied journey. For now, the market waits with bated breath, eager to see where the whales’ path will lead.
Source
This article is based on: Most Bitcoin Holders Are Selling—But One Cohort Is Aggressively Buying
Further Reading
Deepen your understanding with these related articles:
- Bitcoin price gained 72% and 84% the last two times BTC holders did this
- Why On-Chain Metrics Miss the Full Picture of Institutional Bitcoin Buying
- Bitcoin Pattern Breaks: Price Near ATH, But HODLers Still Not Selling
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
