Bitcoin Whales Accumulate as Retail Investors Sell Off

January 31, 2026 — Major Bitcoin holders, known as “whales,” are actively buying the cryptocurrency’s recent dip while smaller retail investors are selling, according to on-chain data from Glassnode. The divergence in behavior highlights a significant split in market sentiment. This accumulation by large entities suggests institutional confidence despite current price pressures.

Immediate Details & Direct Quotes

On-chain analytics firm Glassnode reports a clear divide in Bitcoin holder behavior. Their Accumulation Trend Score, which measures wallet activity over a 15-day period, shows wallets holding 10,000 BTC or more are the only cohort in a “light accumulation” phase. Scores closer to 1 indicate buying, while values near 0 signal selling.

Meanwhile, all smaller holder groups are net sellers. Retail participants holding less than 10 BTC have been in a state of “persistent selling for over a month,” reflecting ongoing risk aversion. The data confirms that “very large investors, or whales, holding 10,000 bitcoin or more are currently the only ones that are buying the largest cryptocurrency as prices plummet.”

Market Context & Reaction

As of January 31, 2026, Bitcoin is trading near $78,000, having consolidated between $80,000 and $97,000 since late November. The current selloff has prompted contrasting actions. The number of unique entities holding at least 1,000 BTC has increased from 1,207 in October to 1,303, indicating larger players are buying the correction.

This cohort is now back at December 2024 highs, reinforcing that large holders are absorbing supply. In contrast, the selling pressure is concentrated among smaller participants. The market reaction underscores a classic pattern where seasoned investors accumulate assets during fear-driven selloffs, while less experienced traders exit.

Background & Historical Context

This accumulation pattern emerges following Bitcoin’s all-time high in October. The Growth in the cohort of entities holding 1,000+ BTC since that peak suggests strategic buying into the subsequent price correction. Glassnode’s data tracks the relative behavior of different wallet sizes based on balance changes and BTC acquired.

The sustained neutral-to-slightly-positive balance trend for mega-whales since Bitcoin fell to $80,000 in late November provides a longer-term view of their strategy. Historically, such divergence between whale and retail activity has often preceded significant market movements, as informed capital positions itself against prevailing retail sentiment.

What This Means

In the short term (30-90 days), this whale accumulation could provide a price floor, potentially slowing the descent and leading to a period of consolidation as supply is absorbed by large buyers. The persistent retail selling may continue to create volatility.

For the long-term (6-12 months), significant accumulation by entities holding 1,000+ BTC increases overall holder concentration, which can reduce liquid supply on exchanges. This structural shift often precedes reduced volatility and stronger bullish momentum when market sentiment eventually turns.

Investors should monitor on-chain metrics for changes in this trend and conduct their own research, as this is not financial advice. The key takeaway is a clear signal of confidence from the market’s most substantial participants during a period of widespread retail fear.

Meta Description: Bitcoin whales are buying the dip while retail sells, Glassnode data shows. Learn what this major divergence means for BTC’s price and market structure.

Primary Keywords: Bitcoin, Whales, Accumulation, Glassnode, Market