title: Bitcoin (BTC) Whales Are Buying the Dip for the First Time in Nearly a Year

Prices remain under pressure and sentiment is so weak one would think it's 2022 all over again, but for the first time in nearly a year, bitcoin (BTC) whales are buying.

Bitcoin (BTC) prices may be struggling and sentiment weak, but for the first time in nearly a year, there's a flicker of interest from so-called whales,suggesting some.

After months of distributing their holdings as bitcoin soared to a record high above $109,000, whales - wallets holding 10,000 BTC or more - are meaningfully accumulating again as prices slip to just above $80,000, according to Glassnode data.

The last time we saw such large-scale buying activity from whales was in August 2024 when bitcoin was trading in the $50,000-$60,000 range and the yen carry trade was unwinding.

Often considered "smart money," whales tend to buy during deep corrections and sell into strength - a pattern that has played out consistently over the past eight months.

However, despite this renewed whale activity, broader market behavior remains bearish, with bitcoin currently down 25% from its all-time high.

Glassnode's Accumulation Trend Score, which tracks the behavior of different wallet cohorts over a 15-day window, shows that most other investor groups are still in a distribution phase.

A score closer to 1 signals accumulation, while a score near 0 indicates distribution. With an overall market score of just 0.15, selling pressure remains dominant.

This suggests that while whales are starting to buy the dip, broader market sentiment continues to lean bearish, potentially putting further downward pressure on price - at least in the short term.