Bitcoin (BTC) at $102,272.80 remains only marginally positive year-to-date, suggesting that 2025 has been a period of consolidation as the asset stabilizes around the $100,000 level.
Much of the recent price weakness appears linked to previously dormant coins re-entering circulation, according to on-chain data. Large holders, commonly known as whales, have been the primary distributors, driving the current downward pressure on the price.
This insight comes from The Accumulation Trend Score (ATS) by Glassnode. The ATS measures the relative accumulation or distribution behavior across different wallet cohorts, taking into account both the size of entities and the volume of coins they have acquired over the past 15 days. A value near 1 suggests that participants in that cohort are actively accumulating, while a value near 0 indicates they are distributing holdings. It’s important to note that exchanges, miners, and certain other entities are excluded from the calculation.
According to Glassnode data, whales holding over 10,000 BTC have been consistent sellers since August, marking three months of sustained distribution. Meanwhile, wallets in the 1,000–10,000 BTC range remain neutral, hovering around a score of 0.5. In contrast, all smaller cohorts (those holding below 1,000 BTC) are firmly in accumulation mode.
Earlier in the year, during the first four months, all cohorts were in deep distribution, which contributed to Bitcoin’s 30% decline to $76,000 in April, an event sometimes referred to as the “tariff tantrum.”
This data highlights a clear divide between whales and the rest of the market participants. For now, it appears that whales are still steering the price action.
https://bitcoinethereumnews.com/tech/whales-dump-while-the-rest-accumulate/
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