A Tale of Two Bitcoin Markets: The Great Divide Between Whales and the Rest
In the world of Bitcoin, a fascinating battle is unfolding. While the whales, those with massive holdings, continue to offload their coins, the smaller investors are accumulating, creating a stark contrast in market behavior. This divide has been a prominent feature of the Bitcoin landscape in 2025, and it's a story worth exploring further.
As of November 8, 2025, Bitcoin's price, currently at BTC$101,736.86, has shown only a marginal increase year-to-date. This suggests a period of consolidation, with the asset stabilizing around the $100,000 mark. But here's where it gets controversial: much of this price weakness can be attributed to previously dormant coins re-entering circulation, according to on-chain data.
The Accumulation Trend Score (ATS) by Glassnode provides an insightful look at this divide. ATS measures the accumulation or distribution behavior of different wallet cohorts, taking into account both the size of entities and the volume of coins acquired over a 15-day period. And the results are eye-opening.
Whales, those holding over 10,000 BTC, have been consistent sellers since August, marking a three-month period of sustained distribution. Meanwhile, wallets in the 1,000–10,000 BTC range remain neutral, with a score of around 0.5. But it's the smaller cohorts, those with holdings below 1,000 BTC, that are firmly in accumulation mode, according to Glassnode's data. This data paints a clear picture: the whales are leading the way in terms of market influence.
And this is the part most people miss: the market behavior in the first four months of the year. During this period, all cohorts were in deep distribution, which contributed to Bitcoin's 30% decline to $76,000 in April. It's a stark reminder of the impact these large holders can have on the market.
So, who's winning this battle? For now, it appears the whales are steering the price action. But with smaller investors accumulating, could we see a shift in power dynamics? Only time will tell.
This story is a fascinating insight into the world of Bitcoin and its unique market dynamics. It's a reminder that in the world of cryptocurrencies, every move, every transaction, and every holder matters. And with the potential for a shift in market sentiment, the question remains: who will ultimately determine the future of Bitcoin's price action?
