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- Bitcoin mega whales (10,000+ BTC) are quietly accumulating, with their Accumulation Trend Score hitting 0.7, a strong signal of aggressive buying.
- Smaller investors remain cautious, with mid-sized holders (10–100 BTC) showing neutral behavior, though nearing a potential shift.
- Glassnode’s data shows divergence across wallet sizes, suggesting top-tier holders may be front-running a new market phase.
Bitcoin’s largest holders are back in accumulation mode, and on-chain data suggests they may be leading the charge into a new market phase. But the rest of the investor landscape hasn’t caught up yet.
According to a new report published by analytics platform Glassnode, wallet activity among various investor groups shows diverging behaviors, with the most influential cohort quietly stacking sats while others remain cautious.
At the heart of this analysis is the Accumulation Trend Score a key on-chain indicator that measures the intensity of buying or selling activity across different wallet sizes. Unlike simple transaction data, this metric accounts for both the direction and *magnitude* of balance changes, giving greater weight to movements made by large-scale holders.
A score above 0.5 points to active accumulation. A value closer to 1 signals strong, widespread buying. Conversely, readings below 0.5 indicate distribution or neutral behavior.
Back in February, the market saw a wave of heavy distribution. The Accumulation Trend Score flashed bright red across all cohorts, suggesting widespread selloffs amid price volatility. But that dynamic has started to shift.
Top Bitcoin Holders Returning as Smart Money Starts Stacking
Since March, one group has clearly separated itself from the crowd: holders with over 10,000 BTC, an elite tier even above the so-called “whales” (1,000–10,000 BTC holders). These ultra-heavyweight investors, dubbed “mega whales,” have ramped up their buying pace.
Their Accumulation Trend Score now hovers around 0.7, a strong signal that these entities are not only buying but doing so aggressively.
Meanwhile, smaller cohorts have begun easing their selling pressure, though none have fully crossed into accumulation territory just yet. Notably, mid-sized holders with 10 to 100 BTC are approaching a pivotal threshold. Their current score stands at 0.5, signaling a potential sentiment shift. If this trend holds, they may soon flip into buying mode.
“This suggests a possible shift in sentiment from mid-sized holders,” Glassnode noted in its commentary.
Bitcoin’s price has largely moved sideways in recent weeks. Currently, Bitcoin is trading at $ 85,126 with a 24-hour trading volume of $ 18.28B and a market cap of $ 1.69T. The BTC price increased 0.72% in the last 24 hours. While this range-bound behavior might appear unremarkable on the surface, the silent accumulation by mega whales could be setting the stage for a larger market move.
The big question now: Will other investor groups follow the mega whales’ lead or will they continue to hesitate on the sidelines?
With macro uncertainty still in the air and halving-related hype cooling off, this divergence in accumulation behavior could be a bellwether for what’s next in the cycle.
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