"Whales sell, individuals buy"…Bitcoin whales continue selling for three months

An analysis shows that trading behavior between large Bitcoin (BTC) holders (whales) and small investors in the market is clearly diverging. While whales are persistently maintaining sell positions, individuals and small-to-medium holders are observed to be steadily continuing to buy.

On the 8th (local time), crypto-focused media CoinDesk reported that on-chain analytics firm Glassnode said, "According to Bitcoin's Accumulation Trend Score (ATS) data, large wallet addresses holding 10,000 BTC or more have continued selling for three months since last August," and "Meanwhile, small investors holding 1,000 BTC or less still maintain a net-buying stance."

ATS is an indicator that evaluates the buying and selling strength of each wallet cohort over 15-day periods; values closer to 1 indicate stronger buying and values closer to 0 indicate dominant selling. Glassnode stated, "Currently whale addresses are continuously putting Bitcoin into the market, leading downward pressure on price."

According to the report, Bitcoin dropped about 30% during the sharp decline in April when the 'tariff shock' occurred, sliding to 76,000 dollars. Since then the year-to-date increase has remained negligible. However, because buying from small and medium investors continues, it is suggested that if circulating supply decreases in the future, this could provide a footing for price recovery.

Glassnode analyzed, "Recently Bitcoin has been trading in a range near 100,000 dollars," and "If selling by long-term holders eases, the market will enter a gradual equilibrium phase."