Bitcoin Whales Accumulate 0.61% More as Retail Investors Sell 290 BTC

Bitcoin's price dynamics have been marked by a notable divergence in behavior between large holders, often referred to as whales, and smaller retail investors. Over the past six weeks, Bitcoin whales have accumulated a substantial amount of Bitcoins, reflecting their confidence in the cryptocurrency's future price appreciation. This accumulation trend suggests that these large holders are positioning themselves for potential price increases, indicating a bullish outlook.

In contrast, wallets holding less than 0.1 Bitcoin have sold approximately 290 Bitcoins during the same period. This selling behavior among small retail investors could be attributed to panic selling or a lack of interest, as Bitcoin's price has remained stagnant below the $100,000 mark for an extended period. The disparity in behavior between these two groups has been highlighted by a cryptocurrency analysis platform, which noted that such contrasting actions often signal an impending upward trend for Bitcoin.

The accumulation by large holders, who collectively increased their holdings by 0.61%, suggests that Bitcoin may be poised to retest the psychological level of $100,000 in the near future. This accumulation, coupled with the selling by retail investors, could be a strong long-term signal that the price is waiting for an opportunity to break through resistance levels.

Despite the selling by retail investors, Bitcoin spot ETFs have seen significant inflows. Since March 26, the total inflow into US Bitcoin spot ETFs has reached $4.41 billion, demonstrating continued institutional interest in the cryptocurrency. This influx of capital into ETFs further supports the notion that large investors remain bullish on Bitcoin's prospects.

Bitcoin's dominance in the overall cryptocurrency market has also been on the rise. On May 6, Bitcoin's dominance reached 65%, the highest level since January 2021. This metric, combined with the Altcoin Season Index showing a "Bitcoin season," indicates a higher market preference for Bitcoin over alternative cryptocurrencies. The continued dominance of Bitcoin in the market underscores its status as the leading digital asset and suggests that it remains the preferred choice for investors seeking exposure to the cryptocurrency space.

However, analysts have noted that for Bitcoin to break through the $99,000 resistance level and potentially set a new historical high, it will require strong buying pressure to absorb the selling pressure from retail investors. According to analysts, Bitcoin needs to continue holding the $95,000 level to rebound and retest its historical high. Failure to do so could result in a deeper correction, highlighting the importance of maintaining support at key levels.

Glassnode data shows that both Bitcoin Short-Term Holders (STH) and Long-Term Holders (LTH) have been accumulating. LTH has been accumulating continuously since early March, while STH has also started to accumulate in the past week. Glassnode defines LTH as investors holding BTC for more than 155 days, and STH as investors holding for less than 155 days. According to their latest weekly report, LTH has accumulated over 250,000 BTC since early March, pushing the total holdings of this group above 14 million BTC.

“This indicates that market confidence is recovering, and accumulation momentum has surpassed investors' tendency to sell-off for hedging purposes,” noted Glassnode analysis.

Although STH typically operates in opposition to LTH, they have also accumulated over 25,000 BTC in the past week, marking a reversal from the net sell-off trend of over 200,000 BTC since February 2025—a sell-off period coinciding with the start of Bitcoin's 30% pullback. Currently, Bitcoin is hovering around $97,000, and this widespread accumulation phenomenon indicates that investor confidence is recovering. However, Glassnode also points out a significant resistance at $99,900, and on-chain data suggests that profit-taking may occur when LTH unrealized gains reach 350%. “Therefore, it is foreseeable that selling pressure will intensify as the price approaches this range, requiring strong buying pressure to absorb the selling pressure to maintain upward momentum.”