- Bitcoin has shown minimal gains in 2025, stabilizing around the $100,000 level.
- Recent price declines are linked to inactive coins being sold, especially by large holders known as whales.
- The Accumulation Trend Score (ATS) measures accumulation or distribution of Bitcoin across wallet sizes, excluding exchanges and miners.
- Whales holding over 10,000 BTC have been selling steadily since August, while smaller holders continue to accumulate.
- This behavior shows a clear difference between whales and other investors, with whales currently influencing price movements.
Bitcoin’s price has remained largely stable in 2025, hovering around the $100,000 mark with only marginal positive growth year-to-date. This period appears to be one of consolidation for the asset.
Recent downward price pressure correlates with dormant coins re-entering circulation, mainly driven by large Bitcoin holders, often called whales. According to data using the Accumulation Trend Score (ATS) by Glassnode, these whales have been significant sellers over recent months. The ATS is a measure that assesses ongoing accumulation or distribution by different wallet groups, excluding exchanges, miners, and similar entities. A score near 1 indicates active accumulation, while a score near 0 signals distribution.
Whales holding over 10,000 BTC have consistently distributed their holdings since August, marking a three-month period of selling. Wallets in the 1,000 to 10,000 BTC range show neutral behavior, with ATS scores around 0.5. Smaller wallets holding fewer than 1,000 BTC remain in accumulation mode. Earlier in the year, all cohorts were distributing Bitcoin, contributing to a 30% price drop to around $76,000 in April, during the event known as the tariff tantrum.
The data highlights a distinct split between whales and smaller market participants, indicating that whales currently play a dominant role in Bitcoin’s price movement.
More details about the ATS can be found at the Glassnode Accumulation Trend Score.
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