Bitcoin Whales Are Still Buying—Here's What Else Glassnode Data Reveals

According to the latest data from Glassnode, Bitcoin whales—wallets holding over 10,000 BTC—continue to accumulate during the ongoing market dip.

According to the latest data from Glassnode, Bitcoin whales—wallets holding over 10,000 BTC—have continued their accumulation activity during the ongoing market downturn.

This behavior is evident even as broader market sentiment remains mixed, and smaller investors have become more cautious in response to Bitcoin’s recent price correction.

However, the latest figures from blockchain analytics firm Glassnode suggest that the largest players in the ecosystem are maintaining a long-term view despite the short-term volatility.

Bitcoin Whales Maintain Long-Term Vision As Smaller Holders Slow Down Selling

As seen in the latest edition of Glassnode’s "The Week On-Chain," the top 1% of Bitcoin wallets, commonly known as whales, have been steadily accumulating BTC throughout the year. This period has seen a significant downturn in crypto prices from the 2021 highs.

Despite the narrative of a "bottom," which many smaller investors are discussing, data shows that mid- and small-sized investors have begun to slow down their selling activity. This shift may indicate a change in sentiment as retail and small institutional investors await further market clarity.

Specifically, mid-sized investors, defined by those holding 10–100 BTC, appear to be transitioning from a selling to a buying regime. This shift could signal a strategic re-entry into the market or growing optimism about a potential recovery.

Chart of Bitcoin investor types and their realized P&L. Source: Glassnode's "The Week On-Chain"

Meanwhile, smaller investors, those holding 1–100 BTC, have reduced their selling pressure. In contrast, investors with less than 1 BTC have continued to sell actively throughout the year, indicating a different approach by those with a smaller capital commitment.

Short-Term Pain As STHs Still in Loss, LTHs Back in Profit

Moreover, Glassnode's report delves into unrealized losses across investor classes. It finds that Short-Term Holders (STHs) are currently bearing the brunt of unrealized losses, with levels not far from those seen in early-stage bear markets.

This stands in contrast to the status of Long-Term Holders (LTHs), who remain largely in profit. However, the report cautions that as more former peak buyers age into long-term status, the network may see its capacity to absorb losses increase. Historically, this shift often marks late bear market phases, but Glassnode notes that current conditions have yet to confirm a full regime change.

Overall, the continued accumulation by whales and the slowing in sell pressure among smaller investors could be early signs of a bottoming process. While short-term pain is evident, the alignment of large-holder confidence with decreasing selling activity may support a more stable BTC price floor in the coming weeks. Otherwise, the narrative of a complete bottom may remain elusive.