Data: The only group currently continuing to buy is the mega whales holding over 1,000 BTC. Retail investors holding less than 10 BTC have been continuously selling for a month.

BlockBeats News, February 3 — Analyst James Van Straten cited Glassnode data indicating that during the sharp decline in Bitcoin prices, the only group still actively buying are the mega whales holding over 10,000 BTC. All other holding size groups are selling.

According to Glassnode’s “Wallet Group Accumulation Trend Score,” the largest whales are in a “mild accumulation” phase, and since Bitcoin dropped to $80,000 at the end of November last year, their holdings have maintained a neutral to slightly increasing trend. During this period, Bitcoin’s price mainly fluctuated between $80,000 and $97,000, continuing until the end of January.

In contrast, all smaller holding groups are net sellers, especially retail investors holding fewer than 10 BTC. This group has been continuously selling for over a month, reflecting a bearish outlook among small and medium investors and their ongoing risk avoidance.

Meanwhile, the number of independent entities holding at least 1,000 BTC has increased from 1,207 in October last year to 1,303. Since Bitcoin hit a record high in October last year, this growth in large holders indicates that bigger investors are buying the dip. Currently, the number of whales holding at least 1,000 BTC has risen to a high not seen since December 2024, further confirming the market pattern of “large funds absorbing selling pressure while small funds continue to exit.” (Coindesk)