On-Chain Data Shows Bitcoin Whales Are Back, Fueling the BTC Price Surge.

Glassnode data reveals strong accumulation activity by large Bitcoin holders, with entities holding over 10,000 BTC showing significant buying behavior.

Bitcoin has surged back to $94,000 after a dip below $75,000 earlier this month, and this recovery has been largely driven by large-scale investors, or “whales,” who have been purchasing large amounts of BTC. This activity appears to validate the rally, signaling continued bullish sentiment.

Glassnode’s Accumulation Trend Score has shown a noticeable increase, reflecting the buying trend of entities acquiring fresh coins on-chain. A score of 1 indicates broad accumulation, while a score near zero suggests selling or inactivity.

As of Thursday, Glassnode reported that wallets with over 10,000 BTC recorded an Accumulation Trend Score of 0.90, with those holding between 1,000 and 10,000 BTC showing a score of 0.7. Smaller wallets are also engaging in accumulation, with a trend score of 0.5.

“Large investors have been the primary buyers during this price surge,” Glassnode said on X.

Additionally, CryptoQuant’s data highlighted the largest BTC outflow from centralized exchanges in two years, based on the 100-day moving average.

“Historical trends suggest this could be a sign that investors are re-accumulating their assets,” said CryptoQuant analysts.

The flow of BTC out of exchanges is commonly interpreted as a sign that investors prefer self-custody, indicating they are holding their coins long-term, which adds to the growing bullish outlook.