According to recent data from Glassnode, the largest Bitcoin holders – the so-called whales – are shifting back into accumulation mode. After a period of distribution and profit-taking, their strategy is now turning bullish again. On-chain indicators show a clear behavioral shift among top-tier investors.
📉 BTC is currently trading at approximately $104,786, down about 3.75% over the past seven days. Still, it's holding a 13% gain since the beginning of the year.
🔹 Accumulation Returns: From Distribution to Strategic Buying
Glassnode data reveals that whales with more than 10,000 BTC were the first to begin reaccumulating during the April dip around $75,000. Wallet cohorts holding 10–100 BTC have now reached an accumulation score of 1.0 — the maximum value, signaling strong buy-side momentum.
Meanwhile, smaller wallet holders are slowing their activity, which could mean the "smart money" is quietly positioning for a potential move upward. Analysts suggest this may reflect either profit preservation near all-time highs or a cautious bullish outlook for the near term.
🔹 Economic Data Holds the Key: Is a Breakout on the Horizon?
Many analysts are watching macroeconomic indicators closely — especially Friday’s U.S. jobs report. If the Non-Farm Payrolls (NFP) data comes in weaker than expected (125–130k jobs vs. April’s 177k), it could raise hopes for a near-term interest rate cut by the Fed.
📈 Bitfinex analysts believe that if BTC can hold above $105,000, it may target $120,000–$125,000 by the end of June.
A weaker labor market would likely push the Fed toward easing policy, boosting investor appetite for riskier assets like Bitcoin.
🧠 Expert Insights
🔹 Willy Woo warns that BTC still lacks the demand to maintain a breakout, and a drop toward the psychological $100,000 level is possible.
🔹 Sygnum Bank analysts highlight a 30% decline in liquid Bitcoin supply due to growing institutional demand, which could trigger a supply shock and drive price volatility.
🔹 Dr. Kirill Kretov from CoinPanel argues that a weaker-than-expected NFP number would signal labor market cooling, increasing the chances of Fed rate cuts — and potentially accelerating interest in digital assets like Bitcoin.
📊 In Summary:
🔹 Whales are reaccumulating BTC, signaling renewed optimism
🔹 Bitcoin trades around $104K with upside potential toward $125K
🔹 Macroeconomic data and Fed policy remain key drivers
🔹 Dwindling supply and increasing demand could support price rallies
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