Bitcoin Trades Just Under Record High With Both Retail and Institutions Stacking Sats

Bitcoin Hovers Below Record High as On-Chain Buying Outpaces New Supply

Bitcoin is trading just above $118,000, holding around 5% beneath its all-time high, as fresh on-chain data reveals a powerful wave of accumulation sweeping across the network.

According to analytics firm Glassnode, virtually every wallet cohort—from small retail holders with less than 1 BTC to institutional whales holding over 10,000 coins—is registering an Accumulation Trend Score of 1, signaling consistent, aggressive buying activity over the past two weeks.

This level of across-the-board accumulation is rare and was last seen during major uptrends in November 2024 and May 2025. What’s different this time is the strength of demand coming from smaller wallets.

Wallets holding under 100 BTC—often referred to as crabs and fish—are now collectively adding 19,300 BTC per month, well above the current monthly issuance of 13,400 BTC. That means retail and mid-sized investors are absorbing more than 100% of newly mined bitcoin, tightening available supply in the open market.

With demand continuing to exceed issuance and accumulation behavior stretching across all investor classes, the market may be setting up for a breakout—especially if price reclaims and holds above previous highs.