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By James Van Straten|Edited by Sheldon Reback
Jul 7, 2025, 9:44 a.m.
- Wallets with over 1,000 BTC have shifted into strong accumulation the past few days, showing confidence as bitcoin hovers near $109,000, just below its all-time high of $112,000.
- Smaller holders are mostly getting rid of their coins, suggesting a transfer of supply from retail investors to larger, potentially institutional buyers.
Bitcoin
whales, investors who already hold in excess of 10,000 BTC, are buying up more of the largest cryptocurrency in a sign of confidence in further upside even as the price sits just a few percent below its all-time high around $112,000.
The whales have shifted into aggressive accumulation mode over the past few days, as have wallets holding 1,000 to 10,000 BTC. Smaller holders, however, appear to be reducing their exposure, according to Glassnode’s Trend Accumulation Score.
STORY CONTINUES BELOW
Whales are often considered to be the “smart money” because they have so much at stake. The smaller investors range from sub-1 BTC wallets to those holding between 10 and 100 BTC and have mostly been selling or distributing their holdings over the past couple of months.
The contrast, which comes as the bitcoin price sits around $109,000 potentially signals a transfer of coins from retail to institutional or high-net-worth investors. The accumulation trend score confirms strong buying interest started building shortly after bitcoin hit a local low near $76,000 in mid-April.
That’s further evidence the whales’ accumulation near record price levels could be a bullish signal and they may be positioning for future growth.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
