According to the latest data from Glassnode, Bitcoin whales—wallets holding over 10,000 BTC—continue to accumulate during the ongoing market dip.
This behavior signals strong long-term confidence among the largest players in the ecosystem, even as broader market sentiment remains uncertain.
The accumulation comes despite Bitcoin’s recent price correction, which has led many smaller investors to adopt a more cautious approach.
Small and Mid-Sized Holders Show Shifting Sentiment
While whales continue to load up, smaller holders (those with 1–100 BTC) have slowed down their selling activity. This change may indicate a sentiment shift, as retail and small institutional investors wait for further market clarity.
Mid-sized investors (10–100 BTC) are also beginning to move from selling to selective buying, suggesting a strategic re-entry or growing optimism about a potential recovery.
Short-Term Pain, Long-Term Strength?
Glassnode’s report also dives into unrealized losses across investor classes. It finds that Short-Term Holders (STHs) are currently seeing significant unrealized losses—levels not far from those seen in early-stage bear markets.
#Bitcoin unrealized losses normalized by % drawdown show that Short-Term Holders are already holding substantial losses relative to the current correction depth – comparable to early bear market conditions in past cycles. pic.twitter.com/GlqALP7luo
— glassnode (@glassnode) April 18, 2025
In contrast, Long-Term Holders (LTHs) remain largely in profit. However, the report cautions that as more former peak buyers age into long-term status, the network may see its capacity to absorb losses increase. Historically, this shift often marks late bear market phases, but Glassnode notes that current conditions have yet to confirm a full regime change.
What It All Means for Bitcoin’s Next Move
The continued accumulation by whales and a slowing in sell pressure among smaller holders could be early signs of a bottoming process. While short-term pain is evident, the alignment of large-holder confidence with decreasing selling activity may support a more stable BTC price floor in the coming weeks.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/bitcoin-whales-are-still-buying-heres-what-else-glassnode-data-reveals/