On February 3, analyst James Van Straten cited Glassnode data to say that amid the Bitcoin price crash, ultra-large investors holding more than 10,000 Bitcoins (i.e., "whale") are the only group still buying, while all other groups with different holding sizes are selling.
According to Glassnode's "Wallet Community Accumulation Trend Score" data, the largest whale are currently in a "light accumulation" phase, and their holdings have maintained a neutral to slight growth trend since Bitcoin fell to $80,000 at the end of November last year. During this period, the price of Bitcoin mainly fluctuated and consolidated in the range of $80,000 to $97,000 until the end of January.
In contrast, all smaller holding groups were net sellers, especially retail investors holding fewer than 10 bitcoins. This group has been selling for over a month, reflecting a bearish outlook and continued risk aversion among small and medium-sized investors.
Meanwhile, the number of independent entities holding at least 1,000 bitcoins has increased from 1,207 in October of last year to 1,303. This expansion of the group since Bitcoin hit its all-time high last October suggests that larger holders are buying on dips. Currently, the number of whale holding at least 1,000 bitcoins has rebounded to its December 2024 high, further confirming the market pattern of "large funds absorbing selling pressure, while small funds continue to exit." (Coindesk)
