Bitcoin Whales Sell as Retail Accumulation Grows 10%

In May 2025, Glassnode reported distinct trading behaviors among Bitcoin wallet holders. Retail cohorts with 1–10 BTC are net sellers, while other groups demonstrate broad accumulation. Whales have pivoted from buying to selling in recent weeks.

Glassnode's analytics reveal significant shifts in Bitcoin wallet behaviors, influencing confidence and market moves among retail and institutional investors. The retail cohort (1–10 BTC) continues in a net selling pattern, while smaller holders re-accumulate. Whales have begun selling, possibly leading Bitcoin price adjustments.

Accumulation trends are now visible across almost the entire Bitcoin wallet spectrum. Holders with less than 1 BTC have shifted from distribution to light accumulation. The only group still net selling is the 1–10 BTC segment. This broad-based accumulation indicates increased confidence from retail up to institutional investors.

Market analysts observe that as whales sell, retail confidence grows, reflecting prior cycles. Whales globally are redistributing BTC, affecting exchange liquidity trends. BTC displays varied intensity of accumulation or selling across wallet sizes, with associated price effects. Glassnode updates are informing market expectations and investor sentiment.

Experts suggest historical parallels to previous cycle tops, reinforcing the importance of on-chain data to foresee price dynamics. Bitcoin-focused investors are cautiously watching similar actions unfold.

Bitcoin wallet cohorts are shifting their trading strategies, with mid-to-large holders increasing their positions while smaller holders maintain neutrality. This shift indicates a clear move away from hyper-speculative short-term trading towards a market increasingly dominated by patient, medium-term investors. Most wallet cohorts, particularly retail holders with 1–10 BTC, are in distribution mode. However, entities holding 1,000–10,000 BTC are showing signs of accumulation, suggesting a strategic shift in their investment approach.

The RHODL ratio, which measures the proportion of Bitcoin that has not moved in the past year, has been rising. This trend indicates that more investors are holding onto their Bitcoin for longer periods, reflecting a growing confidence in the asset's long-term value. The accumulation by mid-to-large holders suggests that these investors are positioning themselves for potential future price increases, while smaller holders are adopting a more cautious stance.

The shift in trading strategies among Bitcoin wallet cohorts is also reflected in the growing interest in Bitcoin ETFs. These financial instruments have quickly reshaped the market, now accounting for a significant portion of BTC spot trading volume. This development underscores the increasing institutional interest in Bitcoin and the growing acceptance of the asset as a legitimate investment option.

The accumulation by mid-to-large holders and the growing interest in Bitcoin ETFs suggest that the market is maturing. Investors are becoming more strategic in their approach, focusing on long-term gains rather than short-term speculation. This shift is likely to have a stabilizing effect on the market, reducing volatility and increasing the asset's appeal to institutional investors.

The strategic shift in trading strategies among Bitcoin wallet cohorts is a positive development for the market. It reflects a growing maturity and sophistication among investors, who are increasingly focused on long-term gains. This trend is likely to continue as more institutional investors enter the market, further stabilizing the asset and increasing its appeal as a legitimate investment option.