Bitcoin Whales Are Buying at Record Levels as Prices Fall
Bitcoin whales are buying at the fastest pace on record, absorbing more than 240% of new supply as the price pulls back. The surge in accumulation comes as realized losses hit $5.7 billion, marking one of the largest loss events in Bitcoin’s history and signaling a major shift in investor behavior.
Bitcoin is trading at $90,460, down 2.41% in the last 24 hours. The recent drop to $80,000 sparked heavy buying from large investors, reversing the selling trend seen earlier this year. Market data shows whales quickly stepped in to accumulate coins at levels not seen in previous cycles.
Whale Buying Hits Critical Levels
Glassnode’s accumulation trend score is now nearing 1, a level that indicates strong buying pressure from major holders across almost all investor groups. A similar spike in July preceded Bitcoin’s rally from below $100,000 to its previous peak of $124,500 in August.
Investors holding 10 to 1,000 BTC have also increased their buying, adding more support to the broader accumulation trend.
Whales and sharks are now absorbing 240% of Bitcoin’s annual supply, pushing exchange balances to new lows. Outflows from exchanges have driven the yearly absorption rate below –130%, showing that many investors prefer to move their coins into self-custody.
Large holders with 100 BTC or more are accumulating nearly 1.5 times the yearly issuance—the fastest pace in Bitcoin’s history. The trend underscores growing participation from institutions, corporations, and ETF-related buyers.
Realized Losses Surge
The recent price decline triggered the biggest wave of realized losses since the FTX collapse in 2022.
• Short-term holders realized $3 billion in losses on Nov. 22.
• Long-term holders realized $1.78 billion during the same period.
• Total realized losses reached $5.78 billion following the fall to $80,000 on Nov. 21.
Short-term traders account for most of the selling, while losses among long-term holders remain relatively limited. Exchange-traded funds were responsible for only about 3% of recent selling pressure, suggesting that most distribution came from individual investors and smaller entities.
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