Bitcoin Consolidates as Whales Appear to Anticipate a Price Reversal

Whale Behavior Shifts as Bitcoin Consolidates Below ATH

Bitcoin (BTC) remains locked in a narrow trading range between $107,000 and $109,000, sitting just below its all-time high. While the surface-level price action suggests stability, on-chain analytics point to a notable behavioral shift among the market’s largest holders.

Data from Glassnode reveals that Bitcoin whales—entities holding 10,000 BTC or more—are transitioning from accumulation to distribution. This is reflected in the declining Accumulation Trend Score, which now reads 0.4 for this cohort. A score closer to 1 signals strong accumulation, while readings near 0 imply net selling. The metric, which excludes exchange and miner addresses, helps isolate true investor activity.

This group of large holders was instrumental in supporting the market during the April correction, aggressively accumulating near the $75,000 level. Their current retreat suggests a more defensive posture, potentially driven by profit-taking or increased caution as price approaches uncharted territory.

Adding weight to this trend, recent exchange flow data shows a reversal in BTC movements. Previously, whales were withdrawing Bitcoin from exchanges—typically a sign of long-term holding intentions. However, over the past three days, two significant BTC inflows to exchanges have been recorded from whale wallets, often a prelude to distribution.

This coordinated behavior raises a pivotal question for traders and investors alike: Are whales preparing for a market top, or simply reducing exposure in anticipation of near-term volatility?