According to a recent report from Glassnode, the so-called "Bitcoin whales" — investors holding more than 10,000 BTC — reached one of the highest accumulation levels at the beginning of the month. This behavior contrasts with small investors, who are liquidating their reserves.
The movement indicates a bet by major players on the long-term potential of Bitcoin, while small investors seem more cautious regarding market fluctuations.
%Divergent behavior between large and small holders%
•Whales continue buying•
On-chain data indicates that large investors reached an accumulation score of nearly 1.0 at the beginning of the month, reflecting intense buying activity.
Although this score later fell to 0.65, the level is still considered high, suggesting that the accumulation strategy continues.
%Small investors are liquidating their positions%
In contrast, small investors — those holding less than 1 BTC and 100 BTC — have demonstrated opposite behavior. Selling activity increased significantly, with accumulation scores dropping to values between 0.1 and 0.2.
According to analysts, this discrepancy reflects divergent sentiments in the market. While whales are betting on long-term growth, small investors may be more sensitive to economic uncertainties and prefer to protect themselves against possible price drops.
%Factors influencing the whale strategy%
•Geopolitical tensions drive demand for Bitcoin•
The growing geopolitical instability and risks associated with fiat currencies have led large investors to consider Bitcoin as a protective asset.
Expert Will Clemente recently emphasized that the accumulation of BTC is not just a response to inflation, but also to deglobalization and trade tensions.
%Impact of macroeconomic conditions on Bitcoin price%
Despite the optimistic view of the whales, the macroeconomic situation has pressured Bitcoin. The asset fell below $80,000 but managed to recover some losses, registering a modest increase of 5% in a single day, trading at $79,454 at the time of analysis.
%Risks and challenges for the Bitcoin market%
•Reserves at a loss and the pause in purchases by major players•
The recent decline in Bitcoin's price has also resulted in significant losses for companies holding large reserves of the cryptocurrency.
Some of them, including Strategy, have paused their BTC purchases, showing caution in the face of market uncertainties.
%Percentage of Bitcoin at a loss and its impacts%
CryptoQuant data revealed that 25.8% of the total Bitcoin supply is at a loss. While the number seems high, it is not unprecedented. In January 2024, for example, 24.1% of the circulating BTC was below the cost of acquisition, and in September, this percentage reached 29.9%.
Historical analysis shows that these fluctuations are part of the natural market cycle, being common during price correction periods.
What to expect from the Bitcoin market in the coming months?
Will the whale strategy continue?
If history serves as a guide, the accumulation strategy of the whales may signal an expectation of Bitcoin appreciation in the long term. However, external factors such as regulatory decisions and fluctuations in the global financial market may impact this movement.
What should small investors do?
For small investors, the moment requires caution. Strategies such as holding (keeping assets long-term) and dollar-cost averaging (DCA) can be effective in avoiding impulsive decisions based on short-term volatility.
%Final considerations%
The recent accumulation of Bitcoin by whales suggests confidence in the future of the digital asset, while small investors show greater fear and liquidation of positions. The market remains divided, reflecting the complexity of the factors affecting the price of BTC.
Regardless of the investor profile, it is essential to monitor market movements and adopt grounded strategies to minimize risks and maximize opportunities.
