According to Glassnode data, Bitcoin whales—holders with at least 1,000 BTC—have been the dominant buyers since the cryptocurrency's price bottomed near $80,000 at the end of November. These large holders remain the strongest accumulators as Bitcoin trades just below $90,000.
The 1,000-10,000 BTC cohort is the only group showing sustained accumulation, with an Accumulation Trend Score close to 1. This metric breaks down buying and selling behavior across wallet cohorts, measuring both entity size and net Bitcoin acquired over the past 15 days. A score closer to 1 indicates accumulation, while a score closer to 0 signals distribution.
The data suggests that large holders have been accumulating Bitcoin in the $80,000 range, a price level Bitcoin hasn't traded at for an extended period compared to other price buckets. This behavior contrasts sharply with smaller holders, all of whom show varying degrees of distribution. Given that the Crypto Fear and Greed Index has remained in "fear" or "extreme fear" for roughly the past 30 days, this selling pressure from smaller entities likely reflects capitulation.
Meanwhile, the 10,000-plus BTC whale cohort was aggressively buying when Bitcoin traded near $80,000 in late November, though they have begun to slow over recent weeks. Still, as a cohort they are not yet selling, which was the dominant behavior when Bitcoin price topped $100,000 around mid-year.
In a separate but related development, Bitcoin whale activity has intensified with significant exchange withdrawals. In just three hours on December 29, two newly created wallets withdrew a total of 1,600 BTC—approximately $143.65 million—from cryptocurrency exchange Binance. This sudden and substantial movement hints at possible bullish sentiment among large investors.
When whales transfer coins from exchanges to private wallets, it typically suggests long-term holding rather than immediate selling. This reduces available supply on exchanges, which can lead to upward price pressure if demand continues. The timing is notable as the year wraps up, potentially indicating strategic accumulation before a potential bullish phase in early 2026, with the next Bitcoin halving expected to occur that year.
