Bitcoin Whales Return: On-Chain Data Signals Major Accumulation as BTC Reclaims $90,000

After nearly a quarter of profit-taking and strategic portfolio rebalancing, Bitcoin’s largest holders, often referred to as ‘whales,’ are finally back in accumulation mode. This marks the first time since August that on-chain data unequivocally shows these significant addresses shifting from ‘net sellers’ to ‘net buyers,’ a powerful catalyst behind Bitcoin’s impressive rebound past the $90,000 mark following its recent dip.

For much of 2025, Bitcoin whales and early investors primarily acted as net sellers. This trend was particularly pronounced since August, when these super-holders capitalized on Bitcoin’s price hovering above the $100,000 threshold, engaging in substantial profit realization.

However, as November drew to a close, a significant shift in sentiment became apparent among these major players. Following a sharp 35% correction from its October highs, Bitcoin appears to have found a solid bottom around the $80,000 level. On-chain data from the past week clearly indicates a pivot in market dynamics, transitioning from a ‘distribution phase’ to a robust ‘accumulation phase.’

According to Glassnode’s ‘Accumulation Trend Score,’ which categorizes holders by the size of their Bitcoin holdings, whales possessing 10,000 BTC or more have become ‘net accumulators’ over the past week. Their Accumulation Trend Score has surged to 0.8 (out of a maximum of 1), signifying strong buying pressure from this influential group.

This accumulation trend isn’t confined to the very largest holders. Investors holding between 1,000 and 10,000 BTC have also turned into ‘net accumulators’ for the first time since September. Furthermore, those holding 100 to 1,000 BTC have been actively ‘sweeping the market’ since October, consistently buying even during the price correction. Even retail investors, holding less than 1 BTC, are currently in their strongest accumulation phase since July.

The Accumulation Trend Score is a crucial Glassnode metric designed to gauge market buying and selling power. It’s calculated based on wallet size and the amount of Bitcoin accumulated over the past 15 days, deliberately excluding exchange and miner wallets. A score closer to 1 indicates net buying by that specific cohort, while a score closer to 0 suggests net selling or gradual reduction of holdings.

Market analysts suggest this influx of buying is no mere coincidence. Bitcoin’s swift recovery past the $90,000 mark signals that major market participants now perceive the $80,000 range as a compelling investment opportunity. This conviction is bolstered by several factors: the technical support level from May’s low also sat near $80,000, and the average holding cost for Bitcoin spot ETFs is approximately $82,000. These elements collectively reinforce a consensus among buyers that this region represents a ‘fair value zone.’ With the return of these significant players, all eyes are now on how long and how high this current Bitcoin rally can ascend.