Bitcoin News Today: Bitcoin Market Splits as Retail Investors Accumulate, Whales Sell Off

Bitcoin Investors Pivoting to Accumulation, But Mega Whales Are Still Selling

The Bitcoin market is undergoing a notable shift in investor behavior, with mid-sized holders and retail participants increasingly adopting accumulation strategies while large whales continue to offload their holdings. According to on-chain analytics firm Glassnode, the Aggregate Accumulation Trend Score reached 0.62 in early October 2025, its first sustained reading above 0.5 since August, signaling that demand is outweighing supply. This metric, which evaluates the relative strength of accumulation or distribution over a 15-day period, indicates a bullish trend when above 0.5 and a bearish trend when below Accumulation Trends Strengthen as Bitcoin Breaks Through^[1].

Wallet cohort analysis reveals a stark divergence in behavior. Mid-sized wallets holding between 10 and 1,000 BTC are firmly in accumulation mode, with sharks (100–1,000 BTC) leading the charge. These holders added 218,570 BTC since late March 2025, now controlling 68.44% of the total supply Bitcoin Whales and Sharks Accumulate 218,570 BTC Since March 2025^[2]. Retail participants, who typically hold less than 10 BTC, have also begun to slow their selling, showing early signs of buying activity. Conversely, large whales-wallets with balances above 10,000 BTC-remain in a prolonged distribution phase, extending a trend that began in August. This divergence highlights a market split between smaller investors capitalizing on Bitcoin's recent price rally and institutional players locking in profits Bitcoin Investors Pivoting To Accumulation, But Mega Whales Still Selling^[3].

Bitcoin's price action reflects this dynamic. The cryptocurrency rose approximately 8% during U.S. trading hours in early October, reaching $122,517.88, its highest level since August 14. This rally coincided with a shift in wallet behavior, as mid-sized holders began accumulating after previously distributing coins. However, the price has since consolidated within a $110,000–$120,000 range, with further upward momentum contingent on whether mega whales curb their selling BTC Stalls as Whales Lead Wave of Selling^[4].

On-chain data from Santiment underscores the scale of whale activity. Wallets holding 1,000–10,000 BTC reduced their holdings by over 100,000 BTC in the 30 days leading to September 2025, marking the largest distribution since 2022. This selling pressure pushed Bitcoin below $108,000 in late August, triggering a consolidation phase. Despite this, institutional buying, particularly through U.S. spot Bitcoin ETFs, has offset some of the downward pressure. ETF inflows exceeded $1.19 billion on the day Bitcoin hit its record high, signaling robust institutional demand Will Bitcoin Recover After the Largest Whale Sell Off in Years?^[5].

The Accumulation Trend Score by cohort further illustrates the market's bifurcation. Sharks, with their aggressive accumulation, have driven much of the recent price strength, while the largest whales remain entrenched in distribution. This pattern mirrors historical trends where whale selling often precedes market corrections. For example, a similar selloff in August 2025 saw Bitcoin drop 6.5% from its $115,778 opening price, ending a four-month upward trend Record Bitcoin Whales Selloff To Trigger Price Correction Below $100,000^[6]. Analysts caution that sustained whale selling could prolong Bitcoin's consolidation phase, with critical support levels at $104,000 and $114,000 determining its near-term trajectory.

Retail and institutional dynamics are also reshaping the market. The percentage of short-term holder supply in profit fell from over 90% to 42% during Bitcoin's decline to $108,000, triggering fear-driven selling among recent buyers. However, subsequent price recovery to $112,000 saw 60% of short-term holders return to profitability, suggesting resilience in retail demand BTC Stalls as Whales Lead Wave of Selling^[7]. Meanwhile, institutional participation remains robust, with corporate entities and ETFs absorbing much of the whale-driven volatility. Michael Saylor of MicroStrategy, a vocal Bitcoin advocate, has reiterated his $150,000 price target for late 2025, citing structural demand shifts Bitcoin Price Prediction 2025, What Next For BTC Price^[8].

The interplay between accumulation and distribution underscores Bitcoin's evolving market structure. While smaller investors and institutions are reinforcing a bullish narrative, mega whales' selling highlights lingering uncertainty among long-term holders. This duality could prolong Bitcoin's consolidation phase, with the outcome hinging on whether institutional inflows and retail demand can outweigh whale-driven distribution.