What Are Massive Bitcoin Whales Holding More Than 10.000 BTC Doing Right Now? Buying or Selling?

According to the latest data from Glassnode, Bitcoin whales (wallets holding more than 10,000 BTC) continue to accumulate large amounts of BTC, signaling confidence in the long-term outlook despite recent market corrections.

The accumulation trend among whales contrasts with the behavior of smaller holders. Investors holding less than 1-100 BTC have recently reduced their selling activity, potentially signaling a sentiment shift. Meanwhile, mid-sized holders holding 10-100 BTC are also showing signs of a shift from selling to buying, a development that could reflect increased optimism or a strategic re-entry into the market.

Glassnodes report also sheds light on unrealized losses across investor classes. The firm notes that Short-Term Holders (STHs) are experiencing significant unrealized losses given the depth of the current correction. These levels are comparable to those observed in the early stages of previous bear markets.

In contrast, Long-Term Holders (LTHs) remain largely in profit. However, Glassnode warns that the networks capacity to absorb losses may increase as Bitcoin buyers at previous cycle peaks transition to LTH status. Historically, such transitions have often coincided with bear market confirmations, but analysts emphasize that current conditions do not yet point to a definitive market regime shift.