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Bitcoin Mega Whales Are Accumulating Again
On-chain data reveals that Bitcoin’s largest investors—often dubbed “mega whales”—have resumed their buying spree. But are other investor groups following their lead?
The key metric here is the Accumulation Trend Score, which gauges whether investors are acquiring or offloading Bitcoin. It does this by analyzing wallet balance movements and the size of holdings, giving more weight to activity from large holders.
A score above 0.5 signals accumulation by either major investors or a large number of smaller ones. The closer the metric gets to 1, the stronger the accumulation trend. Conversely, a score below 0.5 implies distribution or stagnation, with 0 representing peak distribution.
To get a clearer picture, it’s more insightful to view this score by wallet size rather than across the whole sector.
Data from the analytics firm shows that behavior among Bitcoin holders has shifted notably over the past year. Following a significant sell-off, accumulation scores began rising across all cohorts—indicating that the selling pressure was easing. However, one group stood out: wallets holding over 10,000 BTC.
While holders of 1,000 to 10,000 BTC—known as whales—also eased their selling, it’s the mega whales who led the charge. Since March, they’ve steadily increased their Accumulation Trend Score to around 0.7, marking a clear return to accumulation.
Other groups have slowed their distribution but haven’t quite flipped to accumulation. Notably, holders with 10 to 100 BTC are approaching the tipping point, with a score nearing 0.5. “This suggests a possible shift in sentiment from mid-sized holders,” according to Glassnode.