Big Buyers Snag Bitcoin Dip: First Major Accumulation in 8 Months

Bitcoin prices are under continued pressure, and while sentiment is low, there’s a noticeable shift as whales begin to buy once again. For the first time in nearly a year, bitcoin (BTC) whales — wallets holding 10,000 BTC or more — are accumulating heavily as the price dips to just above $80,000, according to data from Glassnode.

After months of distribution, when bitcoin surged to an all-time high of over $109,000, whales are now starting to buy into the dip. The last time this level of whale accumulation was seen was back in August 2024, when bitcoin traded between $50,000 and $60,000 amid global economic shifts, like the unwinding of the yen carry trade.

Whales are often seen as the “smart money” of the crypto space, known for buying during market corrections and selling when prices rise. Despite this uptick in whale activity, broader market sentiment remains bearish, with bitcoin still down 25% from its peak.

The Glassnode Accumulation Trend Score, which tracks the buying and selling activity of different wallet groups, indicates that most other investors are still in a distribution phase. The score, which ranges from 0 (distribution) to 1 (accumulation), currently sits at 0.15, signaling that selling pressure is still dominant. This suggests that while whales are starting to buy the dip, the overall market sentiment is still leaning bearish, which could lead to further downward pressure on bitcoin’s price in the short term.