Bitcoin News Today: Bitcoin's Liquidity Shift: Minnows Outpace Whales in Accumulation

Bitcoin whales are reshaping their on-chain strategies as data reveals a nuanced shift in large-holder activity. Over the past 60 days, entities holding between 1,000 and 10,000 BTC sold 112,000 coins, according to on-chain analytics. However, this selling pressure appears to be counterbalanced by accumulation from smaller holders and short-term whale cohorts, signaling a potential realignment of market dynamics.

The broader picture shows whales with 10,000–100,000 BTC reducing their holdings by 6% over six months and 11% over a year, per VanEck's analysis. Meanwhile, "minnows" holding 100–1,000 BTC have increased their stakes by 9% and 23% over the same periods, respectively. This suggests a transfer of liquidity from larger to smaller investors, a trend that has gained momentum as Bitcoin's price has surged ~170% over two years. Short-term data adds complexity: the 10K–100K BTC group added 3% in holdings over 30 days, reflecting tactical buying amid recent volatility triggered by tariff-related sell-offs.

A deeper dive into age-based activity reveals further nuance. Whales active 6–24 months ago have been net sellers, while those holding coins for over a decade remain net buyers. For instance, the 30-day net change for entities last active 6–24 months was -202,674 BTC, compared to +82,500 for those last active 5–10 years. This divergence highlights a generational shift, with mid-cycle holders-those active 3–5 years ago-emerging as primary sellers.

Recent price weakness has coincided with a reversal in whale behavior. The number of entities holding 1,000+ BTC rose to 1,436 as Bitcoin fell below $100,000, a stark contrast to much of 2025, when larger holders were net sellers. This mirrors a pattern seen ahead of the 2024 U.S. ETF launch, when large holder counts spiked before a price peak. Glassnode's Accumulation Trend Score further underscores the shift: whales with 10,000+ BTC are no longer heavy sellers (score ~0.5), while those with 1,000–10,000 BTC show modest accumulation. The strongest buying, however, comes from holders with 100–1,000 BTC and wallets under 1 BTC, indicating broadening conviction in Bitcoin's undervaluation.

Market participants are interpreting these moves as a potential inflection point. While long-term holders remain anchored, short-term whales and smaller investors are positioning for a rebound, suggesting a transition from distribution to accumulation. Whether this signals a sustainable recovery or a temporary pullback will depend on macroeconomic catalysts and regulatory developments in the coming months.