Data: The Whale group, holding over a thousand BTC, is currently the only group buying, while the retail group holding less than 10 BTC has been consistently selling for a month

On February 3, analyst James Van Straten cited Glassnode data showing that amid Bitcoin’s price drop, mega-investors holding more than 10,000 BTC—known as “whales”—are the only group still buying, while all other holder size cohorts are selling. Glassnode’s “Wallet Entity Balance Distribution” data indicates the largest whales are in a “light accumulation” phase: since Bitcoin fell to $80,000 in late November 2024, their balances have held neutral to slightly growing, even as BTC traded mostly between $80,000 and $97,000 through late January. By contrast, all smaller holder groups are net sellers—especially retail investors with <10 BTC, who have been selling for over a month. This reflects small-to-mid investors’ bearish outlook on the market and ongoing risk aversion. Meanwhile, the number of unique entities holding at least 1,000 BTC has risen from 1,207 in October 2024 to 1,303. Since Bitcoin hit an all-time high in October 2024, this group’s growth signals larger holders are buying the dip. It now stands at a December 2024 high, further confirming the trend: “large funds absorb selling pressure while small investors keep exiting” (per Coindesk).