Data from crypto analytics firm Glassnode reveals a significant shift in Bitcoin (BTC) ownership dynamics. While large holders—or “whales”—continue to accumulate, smaller holders are increasingly offloading their assets.
Whales Driving Bitcoin Accumulation
As of today, on-chain market intelligence firm Glassnode reports that whales holding over 10,000 BTC have pushed their accumulation score close to 0.6, signaling strong buying activity.
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The accumulation score ranges from 0 to 1, with a higher value indicating stronger accumulation.
A score above 0.5 signals sustained interest from big investors, which is generally considered a bullish signal for Bitcoin, especially amid broader market volatility.
Accordingly, this means whales now control a larger portion of the Bitcoin supply, and their ongoing accumulation can be seen as a bullish signal for the crypto.
Small Holders Selling Off
In contrast, Bitcoin holders with less than 1 BTC have seen their accumulation scores fall sharply, dropping below 0.2.
This suggests a marked shift in behavior, with smaller holders moving towards distribution rather than accumulation. This indicates that smaller investors are more likely to be taking profits or reducing exposure as the market remains uncertain.
The Growing Divergence Between Large and Small Holders
The widening gap between whale accumulation and retail distribution highlights a two-tiered Bitcoin market. Institutional players continue to accumulate, while smaller holders appear to be rotating out.
Historically, such trends have preceded significant price movements, depending on how accumulation and sell pressure balance out.
Big Players Boost Bitcoin Holdings in March
Institutional acquisitions surged in March, with major players like Strategy (formerly MicroStrategy) adding nearly 30K Bitcoins for $2.5 billion, bringing its holdings to 528,185 BTC.
GameStop also confirmed Bitcoin as a treasury reserve asset, diversifying its holdings. Even the U.S. government entered the fray, with an executive order to establish a Strategic Bitcoin Reserve.
Who’s Selling Bitcoin?
A deeper dive and Glassnode’s data reveal that more than two-thirds of Bitcoin holders from the 2017 bull run fully exited by the December 2024 peak.
Meanwhile, those who entered between 2020 and 2022—often considered newer but more informed investors—have mostly held onto their BTC, despite a slight 3 percentage point decline in their wealth share since November.
This suggests that short-term profit-takers are driving the current sell pressure, while seasoned players and institutional buyers take advantage of the dip.
Why This Matters
The growing divide between institutional accumulation and retail selling underscores the shifting landscape of Bitcoin ownership. As larger players strengthen their positions, retail selling could contribute to increased volatility, but whale dominance could push Bitcoin towards a more stable upward trend.
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