Price Action Flat Around $112K as Whales Offload Bitcoin

Bitcoin Stalls as Whales and Long-Term Holders Offload Profits

Bitcoin (BTC) continues to trade in a tight range between $110,000 and $120,000, even as gold and U.S. equities hover near record highs.

Glassnode’s Accumulation Trend Score indicates selling pressure across all wallet sizes. This metric, which excludes exchanges and miners, measures whether entities are accumulating or distributing coins over a 15-day period. Currently, values across all cohorts—from holders with under 1 BTC to whales with more than 10,000 BTC—point to active distribution. Large whales are leading the sell-off, showing some of the highest levels of coin movement in the past year.

Long-term holders are also realizing gains. Wallets holding coins for at least one year have dropped from 70% to 60% since November 2023. Similarly, 2+ year holders decreased from 57% to 52%, while the 3+ year cohort now sits just above 43%, a steady decline since November 2024. Many of these investors acquired BTC near the 2021 cycle top of $69,000 or during the 2022 bear market lows around $15,500.

Meanwhile, holders of coins aged 5+ years remain largely inactive, reflecting confidence among the longest-term investors.

The combined selling from whales and cycle-era holders is maintaining downward pressure on Bitcoin, keeping it range-bound despite bullish conditions in broader markets.