Main Points :
- The number of entities holding 1,000 BTC or more has sharply increased to 1,436, reversing the year-long distribution trend.
- Large holders (“whales”) and small holders alike show rising confidence that Bitcoin is undervalued at current levels.
- Accumulation behavior resembles historical periods that preceded major rallies—such as early 2024 before the U.S. spot ETF boom.
- Glassnode’s Accumulation Trend Score shows strengthened accumulation among 100–1,000 BTC holders and sub-1 BTC wallets.
- Market data and recent macro trends indicate that long-term participants might be positioning for the next cycle.
Introduction — Accumulation in a Market of Fear
Bitcoin has slipped to its lowest levels in months, firmly below the $100,000 mark, creating a climate that many would label as a deepening bear market. Prices have been unable to reclaim the momentum seen in late 2024 and early 2025. Yet, beneath the surface of price volatility and investor anxiety, a powerful counter-trend has emerged: the number of entities holding at least 1,000 BTC has surged over the past week, rising to 1,436.
This rise is not merely a numerical anomaly. It is a sharp, meaningful reversal from a 2025 trend dominated by net selling from large, long-time holders. After nearly a year of distribution, the tide appears to be turning.
Data suggests that both large entities (often institutions or long-term “whales”) and smaller retail-focused addresses are accumulating Bitcoin on the belief that the current price level is undervalued relative to long-term outlooks. This blend of whale and small-holder behavior has historically marked the beginning of strong recovery phases.
This article examines the current dynamics of Bitcoin accumulation, compares them to previous market cycles, integrates insights from external sources, and provides strategic perspectives for readers seeking new crypto investment opportunities or practical blockchain applications.
1. Whale Accumulation Rebounds: What the Numbers Tell Us
Glassnode data reveals that the number of entities holding at least 1,000 BTC rose to 1,436, a significant increase from earlier lows near 1,300 in October 2025. This count had previously peaked above 1,500 during the enthusiasm following Donald Trump’s 2024 U.S. presidential election victory, which triggered a strong bullish wave.
Why this reversal matters
During most of 2025, whales were net sellers, contributing to downward pressure on the market. Their distribution aligned with:
- Profit-taking near all-time highs
- Reduced institutional flows
- Heightened regulatory uncertainty
- The slowing pace of mainstream adoption after the early 2024 ETF boom
The shift back into accumulation suggests confidence returning among the biggest and most influential Bitcoin holders.
Historic parallel: Early 2024 ETF rally
The last time Bitcoin saw both an increase in whale holdings AND rising prices was in January 2024, the period leading into the launch of U.S. spot Bitcoin ETFs. During that time:
- 1,000+ BTC entities grew from 1,380 → 1,512
- Bitcoin later peaked near $70,000
The current growth—during a price decline—may represent an even stronger conviction: whales are buying into weakness, not momentum.
2. Digging Into the Accumulation Trend Score
Glassnode’s Accumulation Trend Score measures which groups of holders are increasing or decreasing their BTC positions. It outputs values between:
- 1.0 → heavy accumulation
- 0.0 → heavy distribution
Importantly, it excludes exchanges and miners, focusing only on “true holders.”
Who is accumulating now?
- Whales (>10,000 BTC):
- Score: ~0.5
- Not heavy buyers, but importantly, no longer significant sellers.
- Large holders (1,000–10,000 BTC):
- Showing moderate accumulation, consistent with wallet growth to 1,436 entities.
- Mid-tier (100–1,000 BTC):
- The strongest accumulation among “serious” long-term investors.
- Small holders (<1 BTC):
- Surprisingly high accumulation, reflecting ongoing retail dollar-cost averaging behavior.
Interpretation: Multi-level confidence
When both the smallest and largest holders accumulate simultaneously, historical cycles show:
- Bottom formation becomes more likely
- Long-term outlook strengthens
- Risk-reward improves for strategic buyers
This dual-confirmation pattern is significant because small holders represent broad market sentiment, while whales represent capital strength.
3. Market Context: Why Are Holders Accumulating Now?
To understand accumulation during a bearish price trend, we must consider multiple factors shaping investor psychology in late 2025.
(A) Macro conditions: Rate cuts becoming more likely
Global economic conditions are showing signs of easing:
- U.S. inflation has cooled from its 2024 highs
- The Federal Reserve has signaled that further rate cuts in early 2026 remain on the table
- Several Asian and European central banks have already begun easing cycles
Lower rates typically support risk assets, including crypto, and many long-term investors may be positioning ahead of renewed liquidity inflows.
(B) Institutional behavior and regulatory clarity
2025 has seen waves of regulatory announcements:
- Europe continues rolling out MiCA structure
- The U.S. Congress is debating unified digital asset frameworks
- Asia (Hong Kong, Singapore, South Korea) continues creating favorable licensing environments
Institutions often buy before regulatory milestones rather than after them.
(C) Bitcoin’s supply dynamics: Halving effects not yet fully priced in
The April 2024 halving continues to reduce new supply, but historically:
- Post-halving rallies occur 12–18 months later
- The “delayed supply shock” tends to coincide with a macro liquidity cycle
2025–2026 aligns with this window.
(D) Smart money accumulation patterns
Several on-chain analytics platforms—including CryptoQuant and Santiment—have reported:
- Declining exchange balances
- Increasing dormant supply
- Rising long-term holder control over total circulation
When long-term holder supply grows, Bitcoin volatility tends to compress before major upward expansions.
4. Current On-Chain Trends from Other Sources
Beyond Glassnode, other analytics platforms show supporting signals.
CryptoQuant Data
- Exchange outflows have increased over the past 30 days
- Stablecoin inflows (USDT, USDC) into exchanges have also increased, signaling buying power
Santiment
- Social sentiment remains neutral to negative
- Historically, low sentiment during accumulation periods precedes strong price recovery
Bitwise & ETF Flow Data
- Spot ETF outflows bottomed in late Q3 2025
- Q4 2025 is showing mild inflows again, after months of net withdrawals
Institutional flows, though modest, are turning positive for the first time since early 2025.
5. Why Small Holders Are Buying: Retail Behavior Shifts
Retail investors appear increasingly convinced that Bitcoin below $100,000 represents long-term value.
Several drivers include:
- Dollar-cost averaging apps are gaining adoption globally
- Post-halving supply squeeze narratives are resurfacing on social media
- Retail is less sensitive to short-term macro events
- Growing interest in blockchain-based side income opportunities
This corresponds with growing sub-1 BTC wallets, which Glassnode confirms are showing the strongest accumulation trend score.
6. Implications for Investors Seeking New Crypto Opportunities
Readers looking for new cryptocurrency assets, new revenue sources, or practical blockchain use cases can extract several actionable insights from the current trend.
(A) Bitcoin may be entering an undervalued zone
Accumulation during price weakness suggests smart-money conviction.
(B) Low volatility zones often precede trend expansions
On-chain data shows:
- Decreasing short-term holder supply
- Increasing long-term holder dominance
These conditions have historically preceded cyclical breakouts.
(C) Altcoins may follow BTC accumulation cycles with delays
Historically:
- Bitcoin leads
- Ethereum follows
- High-quality altcoins (L2s, stablecoin infrastructure, DeFi blue chips) lag by 1–3 months
(D) Using accumulation patterns as a timing tool
Accumulation reversals are one of the strongest long-term indicators.
Current signals show:
- Whale selling pressure is easing
- Broad-based accumulation is rising
- ETF flows are stabilizing
This supports a thesis that mid-2026 may present a stronger bullish environment.
Conclusion — A Market Quietly Resetting
Bitcoin’s recent price weakness may obscure what is actually happening under the surface: a quiet, confident re-entry by entities that historically lead major market cycles. The rise in 1,000+ BTC wallets to 1,436—combined with accumulation across both whales and retail wallets—suggests a strategic repositioning phase rather than a long-term pessimistic trend.
History shows that when accumulation increases during price declines, powerful upward cycles tend to follow. Whether or not Bitcoin has already found its cyclical bottom, current on-chain data points toward rising conviction among sophisticated holders who appear to be preparing for the next wave.
For investors seeking new crypto assets, revenue opportunities, or real blockchain utility, this accumulation pattern should be viewed not as noise—but as a signal.
