Bitcoin, the world’s largest cryptocurrency by market capitalization, has recently experienced a notable downturn, with prices holding well below the $100,000 mark. Despite this weakness, new data shows a surge in accumulation among large holders—often referred to as “whales”—suggesting that market participants are strategically positioning themselves for the future.
Surge in 1,000 BTC Holders
Over the past week, the number of entities holding at least 1,000 BTC has risen to 1,436, even as bitcoin continues to struggle near multi-month lows. This increase marks a reversal from most of 2025, a period during which larger holders were largely net sellers.
Historical Context of Large Holder Trends
To understand the significance of this accumulation, it is important to review recent history. The cohort of holders with at least 1,000 BTC peaked above 1,500 entities in November 2024, driven by bullish sentiment following Donald Trump’s election victory. By October 2025, this number had declined to around 1,300, reflecting a period of distribution and cautious sentiment among whales.
The last time an uptick in large-holder entities coincided with a price rally was in January 2024, ahead of the launch of the first U.S.-based Bitcoin ETF. At that time, the number of 1,000 BTC holders rose from 1,380 to 1,512 entities, and bitcoin ultimately reached around $70,000 a few months later. This historical parallel suggests that the current surge in accumulation may precede a potential bullish phase.
Glassnode Accumulation Trend Score
Further evidence comes from the Glassnode Accumulation Trend Score, a metric designed to track wallet behavior by entity size and coin acquisition over a 15-day period. This score helps differentiate between periods of accumulation and distribution:
- A reading near 1 indicates strong accumulation.
- A reading near 0 signals heavy distribution.
- Exchanges and miners are excluded to focus on long-term holders.
Whales No Longer Selling
For the first time since August 2025, whales holding more than 10,000 BTC are no longer heavy sellers. Their accumulation trend score now sits around 0.5, indicating a neutral to slightly positive stance. Meanwhile, entities holding between 1,000 and 10,000 BTC are showing modest accumulation, a significant shift from earlier in the year when they were predominantly selling.
Strong Accumulation Among Mid-Size and Small Holders
Interestingly, the strongest accumulation is not limited to the largest whales. Wallets holding 100 to 1,000 BTC, as well as wallets holding less than 1 BTC, are showing notable accumulation activity. This suggests growing conviction across a broad range of participants that bitcoin is undervalued at current levels.
Implications for Bitcoin’s Market Outlook
The current trend of accumulation among both large and small holders could have several implications:
- Market Confidence from Key Players: The increase in 1,000+ BTC holders demonstrates that long-term holders are taking advantage of lower prices to strengthen their positions.
- Potential Support for Price Floors: Accumulation by whales often acts as a stabilizing force in markets, potentially preventing further sharp declines.
- Historical Precedent for Bullish Runs: Past surges in large-holder entities, such as in January 2024, preceded significant price rallies. While past performance is not a guarantee of future results, the pattern is noteworthy.
- Growing Conviction Among Retail Investors: The accumulation by small wallets indicates that retail investors may also view bitcoin as undervalued, adding further support to potential price recovery.
Conclusion
Despite bitcoin’s recent weakness and a market environment characterized by uncertainty, the rise in the number of 1,000+ BTC holders points to strategic accumulation by both whales and smaller participants. Historical patterns, along with data from the Glassnode Accumulation Trend Score, suggest that these trends may be laying the groundwork for potential price stabilization and future growth.
As the market continues to evolve, monitoring the behavior of these large holders will be crucial for understanding potential turning points and the overall sentiment in the bitcoin ecosystem.
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