Bitcoin whales add 47,500 BTC in December — but retail buying slows the rally

Bitcoin whales have flipped firmly back into accumulation mode, marking one of the strongest behavioral reversals since early autumn. 

Data from Santiment shows that wallets holding between 10 and 10,000 BTC have accumulated a net 47,584 BTC in the first few days of December, following a steep 113,070 BTC offloading period between 12 October and 30 November.

This shift has already helped stabilize Bitcoin’s price action, but retail behavior remains the only factor preventing a more powerful upside move.

Bitcoin whales absorb supply as retail continues buying dips

Santiment’s behavioral matrix places Bitcoin back in the blue zone—a structure where whales accumulate while retail also buys. 

Historically, blue zones lead to upward movement, though not as strongly as periods where retail is selling and whales are absorbing that supply.

Source: Santiment

During September and early October, Bitcoin surged because retail distribution allowed whales to accumulate at scale.

In contrast, today’s structure shows smaller wallets continuing to buy dips, creating a friction point for a more aggressive rally.

Santiment notes that if retail begins to offload BTC while whales continue their current pace of accumulation, price action could mirror the sharp ascension seen earlier in Q4.

Price action reflects improving accumulation dynamics

Bitcoin’s price action aligns with whales’ return. After briefly testing above $92K earlier this week, BTC retraced to around $89.5K, where buyers stepped in again. 

The Accumulation/Distribution [A/D] indicator is beginning to slope upward, signaling renewed inflow pressure and strengthening accumulation at lower levels.

Source: TradingView

Despite recent volatility, Bitcoin has formed a higher low structure since late November, suggesting the market is attempting to stabilize after heavy selling during the previous two months.

However, without retail capitulation, something whales often rely on to build positions at favorable prices, momentum remains limited compared to past accumulation-driven rallies.

What needs to happen for a stronger Bitcoin breakout

Bitcoin’s immediate upside remains constrained until the market exits the current blue zone. The decisive bullish trigger would be:

• Whales continue accumulating
• retail shifts to selling

That transition historically unlocks stronger directional moves as supply transfers from weaker to stronger hands. 

With whales already signaling conviction, the next catalyst depends on whether retail becomes less aggressive in buying dips.

Until then, Bitcoin is likely to grind higher but may struggle to push decisively through the $95K–$100K resistance range that has capped recent rebound attempts.

Final Thoughts

• Whale accumulation offers a bullish foundation, but retail buying tempers breakout momentum.
• A shift in retail behavior could trigger a rally similar to September’s sharp upside move.