Recent data from Glassnode indicates a period of market stabilization for Bitcoin (BTC), which has remained only marginally positive year-to-date. This suggests that 2025 has been a year of consolidation, with Bitcoin prices stabilizing around the $100,000 mark. The market’s recent price weakness is attributed to the re-emergence of previously dormant coins into circulation. This influx has been primarily driven by large holders known as whales, who are distributing their holdings and contributing to the current downward pressure on prices.
The Accumulation Trend Score (ATS), a tool by Glassnode that tracks the accumulation or distribution trends across various wallet sizes, shows a significant divergence among different cohorts of Bitcoin holders. The ATS assigns values close to 1 for those actively accumulating assets, while values near 0 signify distribution. Excluding exchanges, miners, and other entities, the data reveals that whales holding over 10,000 BTC have been consistent sellers since August, indicating a three-month trend of sustained distribution.
In contrast, wallets with holdings between 1,000 and 10,000 BTC have maintained a neutral stance, hovering around an ATS score of 0.5, whereas smaller wallets with holdings below 1,000 BTC are firmly in accumulation mode. This behavior starkly contrasts the trend observed in the first few months of the year, where all wallet cohorts participated in a significant distribution leading to Bitcoin’s sharp 30% decline to $76,000 in April during what has been termed the “tariff tantrum.”
These findings underscore a prevalent market dynamic wherein whales continue to exert considerable influence on Bitcoin’s price direction. As market participants watch closely, the implications of this distribution strategy may shape the trajectory of Bitcoin in the coming months.
