Whales Are Accumulating Against the Trend
Recent data indicates that ultra-large Bitcoin holders with more than 10,000 BTC are actively acquiring during periods of market volatility. According to Glassnode's 'Wallet Group Accumulation Trend Score,' these whales have entered a phase of 'mild accumulation.'
Their holdings have remained stable or shown slight growth since the price dropped to $80,000 last November. This suggests that large investors view market downturns as buying opportunities.
Retail Investors Continue to Exit
In stark contrast, smaller holders, particularly those with less than 10 BTC, have been net sellers for over a month. This reflects growing uncertainty and risk aversion among retail investors regarding the near-term outlook.
Institutional and Large Holder Expansion
Notably, the number of independent entities holding at least 1,000 BTC has increased since October last year. This indicates that larger players are taking advantage of price dips to accumulate.
In summary, the current market structure is clear: large capital is strategically positioning at lower levels, while retail investors are exiting en masse. This trend may signal a further consolidation of holdings among major players in the future.