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Retail traders are running for the exit amid bitcoin's selloff, while 'mega-whales' are quietly buying the dip

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Retail traders are running for the exit amid bitcoin's selloff, while 'mega-whales' are quietly buying the dip

Glassnode data shows large bitcoin holders accumulating, while retail remains in distribution.

By James Van Straten|Edited by Aoyon Ashraf
Jan 31, 2026, 6:34 p.m.
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Accumulation Trend Score by Cohort (Glassnode)

What to know:

  • Wallets holding 10,000 BTC or more are the only cohort in aggregate to be in accumulation, maintaining a neutral to slightly positive trend.
  • The number of entities holding at least 1,000 BTC has risen from 1,207 in October to 1,303, suggesting large players are buying into the bitcoin correction.
  • While all smaller cohorts, especially holders with less than 10 BTC, are selling.

Very large investors, or whales, holding 10,000 bitcoin or more are currently the only ones that are buying the largest cryptocurrency as prices plummet.

All other holder groups are hitting the sell button, according to onchain data.

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This divergence is highlighted by Glassnode’s Accumulation Trend Score by wallet cohort, which measures the relative behavior of different entity sizes based on both balance and the amount of bitcoin acquired over the past 15 days. Scores closer to 1 indicate buying, while values near 0 signal selling.

Bitcoin accumulation trend (Glassnode)

According to Glassnode data, the largest whales are in a "light accumulation" phase and have maintained a neutral-to-slightly-positive balance trend since bitcoin fell to $80,000 in late November. During this period, price has largely consolidated, trading within a $80,000 to $97,000 range through the end of January.

Bitcoin is now trading near $78,000, according to CoinDesk data.

In contrast, all smaller cohorts are net sellers, particularly retail holders with less than 10 BTC. This group has been in persistent selling for over a month, reflecting continued downside and risk aversion among smaller participants.

At the same time, the number of unique entities holding at least 1,000 BTC has increased from 1,207 in October to 1,303.

Number of Entities with balance 1k BTC (Glassnode)

Since bitcoin’s October all-time high, growth in this cohort suggests that larger holders have been buying into the correction. Whales holding at least 1,000 BTC are now back at December 2024 highs, reinforcing the view that large players are absorbing supply while smaller holders continue to exit.

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