**Whales Lead Bitcoin Accumulation as Smaller Cohorts Distribute**

As of April 30, 2025, Bitcoin accumulation trends reveal a notable top-down pattern in investor behavior, according to the latest data from Glassnode. The "Trend Accumulation Score by Cohort" chart shows that large holders, especially whales with over 10,000 BTC, are aggressively accumulating, with scores near the maximum of 0.95. This indicates sustained confidence in Bitcoin's long-term value.

The 1K–10K and 100–1K BTC cohorts are also maintaining high accumulation scores between 0.8 and 0.9, signaling continued strategic accumulation by institutional or high-net-worth investors.

However, the 10–100 BTC group appears to be pivoting, with scores now trending down to around 0.6, suggesting a more cautious stance or partial distribution. Meanwhile, smaller holders—those with 1–10 BTC and under 1 BTC—remain net distributors, with scores around 0.3 and 0.2 respectively.

This divergence highlights a classic wealth transfer dynamic in crypto markets: while retail participants lighten their positions, larger players are positioning themselves for the next potential bull phase. Historically, such trends often precede significant market movements.

Will the whales’ conviction pay off again? Time will tell.

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