In recent weeks, the Bitcoin market has witnessed increased activity among whale investors. The number of unique entities holding at least 1,000 BTC has grown to 1,436, signaling a notable shift as Bitcoin’s price remains below $100,000.
Market Trend and Historical Context
This uptick in large holders stands in stark contrast to the trends observed throughout 2025. Historically, long-term participants, referred to as “OGs,” have been net sellers. In November 2024, the number of such entities peaked at over 1,500, bolstered by market enthusiasm surrounding Donald Trump’s election victory. However, this figure dwindled to approximately 1,300 by October 2025.
Recent Noteworthy Events
The last significant price rally correlated with an increase in large holder entities occurred in January 2024. At that time, the number surged from 1,380 to 1,512 ahead of the anticipated U.S. ETF launch. Subsequently, Bitcoin reached a peak of around $70,000 within two months.
Accumulation Trends and Whale Activities
According to the Accumulation Trend Score by Glassnode, the activity of various wallet cohorts is broken down based on their size and the volume of coins accumulated over the past 15 days. A score near one indicates accumulation, while a score near zero points to distribution.
- Entities such as exchanges and miners are excluded from this metric.
- For the first time since August, whales controlling over 10,000 BTC are not acting as heavy sellers, resulting in a score of approximately 0.5.
- Entities holding between 1,000 and 10,000 BTC are displaying modest accumulation trends.
- The most vigorous accumulation is seen in wallets with 100 to 1,000 BTC and those holding less than 1 BTC.
Growing Market Confidence
This data implies that both large and small holders increasingly believe Bitcoin is undervalued at its current price levels. The involvement of whales and the positive trend among smaller holders reflect growing confidence in the cryptocurrency market.
As we move forward, these shifts may influence Bitcoin’s market dynamics, prompting speculation about future price movements and investment strategies.
