Bitcoin BTC$102,082.53 Year-to-date, it is only slightly positive, suggesting that 2025 is a time for consolidation as assets stabilize around the $100,000 level.
According to on-chain data, much of the recent price decline appears to be related to previously dormant coins re-entering circulation.
According to Glassnode's Accumulation Trend Score (ATS), large holders, commonly known as whales, are the main sellers, driving the current downward price pressure.
ATS measures relative accumulation or distribution behavior across different wallet cohorts, taking into account both the size of the entity and the amount of coins acquired over the past 15 days.
- Values close to 1 indicate that participants in that cohort are actively accumulating.
- Values close to 0 indicate diversification of stock holdings.
- Exchanges, miners, and certain other entities are excluded from the calculation.
Whales holding over 10,000 BTC have been consistent sellers since August, recording continuous circulation for three months. Meanwhile, Glassnode data shows that wallets in the 1,000-10,000 BTC range remain neutral with scores around 0.5, while smaller cohorts (less than 1,000 BTC) are all firmly in accumulation mode.
All cohorts were in heavy circulation during the first four months of this year, which contributed to Bitcoin's 30% drop to $76,000 in April during the so-called tariff tantrum.
This data highlights a clear divide between whales and other market participants, and for now whales appear to still be driving price movements.
