Bitcoin Whales Are Hoarding, Not Selling—Here’s Why the Smart Money Stays Long

Bitcoin's price rockets upward—but the big players aren't cashing out. Glassnode data reveals a stunning trend: accumulation trumps distribution as institutional and whale wallets swell.

HODL mode activated

While retail traders chase pumps, deep-pocketed investors keep stacking sats. The numbers don't lie: exchange outflows hit multi-month highs as cold storage wallets see record inflows.

The institutional endgame

This isn't your 2017-style euphoria. Sophisticated players are positioning for the long haul—because unlike Wall Street's paper assets, Bitcoin actually gets scarcer over time. (Take notes, Fed balance sheet enthusiasts.)

When the 'dumb money' starts panic-selling, remember: the sharks only accumulate when blood's in the water.

Bitcoin Investors Are Accumulating

Analyzing the raw Accumulation Trend Score, Glassnode discovered that this intense accumulation wave emerged when BTC first rallied past $100,000. After the breakout, investors gradually began to distribute more, and this gave way to stalled price action for a while.

Following the all-time high (ATH) of over $111,000 in May, BTC saw renewed accumulation pressures, which have remained elevated since then. The accumulation metric hovered above its historical average even as BTC sat through an extended consolidation phase. It is still above the average.

“This suggests that investors increasingly see the current range as a more favorable environment, despite price conditions being similar to those during the previous distribution phase in late-2024,” Glassnode said.

Long-term Holder Supply Grows

The persistent accumulation among investors is evident in the growing long-term holder (LTH) BTC supply. Evaluating the 30-day growth in LTH supply, Glassnode discovered that accumulation by this investor cohort is outpacing the monthly coin issuance. Miners are producing about 13,400 BTC monthly, but LTHs are increasing their balances at a pace of 19,300 BTC per month.

Bitcoin investors holding less than 100 BTC are also in accumulation mode. The cohorts, categorized into Shrimps (

This accumulation trend suggests that supply-side conditions are tightening, with LTHs absorbing newly issued supply at a fast pace. Glassnode noted that these investors have become price-insensitive as they accumulate and are unwilling to distribute their assets at current market prices. Analysts believe they are waiting for more meaningful market action before they start distributing.

Meanwhile, on-chain and derivatives market indicators are flashing signals of elevated volatility in the coming weeks. The supply-side tightening has made the market susceptible to demand shocks, and moderate fluctuations can trigger significant price volatility. Glassnode said the coiling and compression of prices across multiple timeframes support this observation.