Bitcoin Whales Are Buying Like Crazy — But Small Investors Are Selling at a Loss: What’s Going On?

Jakarta, Pintu News – According to data from Glassnode, Bitcoin whales – parties or entities that own more than 10,000 BTC – recorded accumulation scores close to 1.0 earlier this month, indicating massive buying activity.

This score represents a stark contrast to the behavior of small holders of Bitcoin , who tend to distribute or sell their assets.

Why Bitcoin Whales are Buying While Small Holders are Selling

In his latest post on the X platform (formerly Twitter), Glassnode highlighted the changes in Bitcoin investor behavior in recent days.

“Whale, who has more than 10,000 BTC, recorded a perfect accumulation score (~1.0) at the turn of the month,” Glassnode wrote.

Read also: Bitcoin Price Update: BTC Dips 4% as Bulls Lose Steam — Is the Rally Running Out of Fuel?

This score reflects a period of intensive buying over about 15 days. Although after that spike the score declined slightly to around 0.65, it still shows that accumulation by large players continued, albeit at a more moderate pace.

On the other hand, smaller Bitcoin holders – those with between less than 1 BTC and 100 BTC – seem to have started selling.

Based on the on-chain data, this group showed a significant drop in their accumulation score to between 0.1 and 0.2, which means their sales activity increased sharply.

“This difference indicates that large investors are still focused on accumulating, while small holders are selling. Market sentiment appears split,” commented one user on X.

This strategy gap reflects the difference in outlook between large and small players in the market.

Whales seem optimistic about Bitcoin’s long-term growth, while small holders may be more wary and choose to sell to avoid risk amid market uncertainty.

Global Macroeconomics Still Putting Pressure on Bitcoin Price

This divergence in approach comes amid rising geopolitical tensions and fears of a trade war – factors that some analysts say are strengthening Bitcoin’s appeal as a hedge.

Industry expert Will Clemente also gave his views:

“In the long term, we are witnessing the beginning of a global accumulation phase for Bitcoin. Not only as a hedge against money supply, but also against de-globalization and geopolitical tensions. This process will not happen immediately, but this is the main purpose why Bitcoin was created,” Clemente said.

Despite the positive long-term outlook, global macroeconomic conditions are still putting pressure on the price of Bitcoin, which has dropped below $80,000.

As of April 8, 2025, the price of Bitcoin had slightly increased by 5% and was trading in the range of $79,454, although it has now corrected back to $76,687 (9/4/25).

Bitcoin Price Drop Causes Unrealized Losses for Public Companies

The recent decline in Bitcoin price has led to significant unrealized losses for a number of public companies holding Bitcoin reserves. Many of them are now seeing the value of their holdings fall below the purchase price.

Read also: Dogecoin on the Brink? Analysts Warn of a Possible 59% Crash – Here’s What You Need to Know!

In fact, companies such as Strategy have decided to hold off on purchasing additional Bitcoin, out of an abundance of caution in the face of market uncertainty.

In addition, according to data from CryptoQuant, 25.8% of the total Bitcoin supply is currently at a loss.

“As alarming as it sounds, this condition is actually nothing out of the ordinary,” CryptoQuant wrote in its post.

They also added that similar situations have occurred several times throughout 2024. For example, in January 2024, about 24.1% of the Bitcoin in circulation suffered losses. Then in September, the figure rose to 29.9%.

As such, such fluctuations reflect the cyclical nature of the crypto market, where periodic price corrections leave most of the supply at a loss.

However, this is considered part of the natural market dynamics that have repeatedly occurred.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Bitcoin Whales Accumulate Against Selling Trend. Accessed on April 9, 2025