Bitcoin (BTC) fell almost 7% from the local high of $82,800 as several groups of portfolio holders switched from accumulation to distribution. The data suggests that this distribution, combined with rising realized losses, indicates a potential change in dynamics.
Key takeaways:
- Uptake of newly mined BTC supplies by whales drops to an all-time low of less than -150%.
- Bitcoin holders are moving from accumulation to distribution after the BTC price drops
- Bitcoin saw losses that rose above $600 million in a single day as the BTC price fell to $76,000.
Bitcoin whales are eating up all-time lows
The annual absorption rate measures the amount of modern issued BTC that has been absorbed by the market over the past year. Currently, the rate of uptake by exchanges is improving and whales are losing coins at a historic rate.
It is worth noting that Bitcoin’s annual absorption rate by exchanges increased to -75% from -100% in April, as inflows continue.
Annual bitcoin take-up rates. Source: Glassnode
The chart above shows that a similar jump in the foreign exchange absorption rate in January was preceded by a 38% drop in the BTC price to $60,000 from $98,000.
While vast holders (100-1000+ BTC) capture over 150% of modern issuance, the rate has fallen sharply since mid-April and is well below the record high seen in November 2025.
Meanwhile, the rate of accumulation among whales (entities holding over 1,000 BTC) dropped to -151%, the lowest level in Bitcoin’s history.
Annual bitcoin uptake rates by whales and sharks. Source: Glassnode
This means a change in institutional sentiment, especially in the case of bulky instruments outflows from funds traded on an on-site Bitcoin exchangereflecting the reduction in long-term convictions among vast holders.
All cohorts of Bitcoin owners ‘reap profits’
Bitcoin investors abandoned risk by distributing their BTC as the price dropped to $76,000.
Glassnode company The result of the accumulation trend (ATS) is close to zero (delicate yellow), which indicates that whales are selling BTC or not accumulating.
Related: Bitcoin recovers 71 thousand dollars as US sends Iran 15-point ceasefire plan
The decline in the trend score indicates a shift from accumulation to distribution in almost all cohorts. This change mirrors a similar pattern observed in mid-January 2025, which coincided with Bitcoin’s price falling to $60,000 in February.
Bitcoin accumulation trend result. Source: Glassnode
Additional data from Glassnode reveals a shift toward spread or inactivity across all investor cohorts, as seen in the chart below.
Bitcoin accumulation trend score by cohort. Source: X/Glassnode
This is in contrast to the fourth quarter of 2024, when broad cohort accumulation preceded a sustained rally that saw BTC/USD trade above $100,000 for the first time in history, driven by the 2024 US presidential election.
CryptoQuant analyst Woominkyu highlighted the “continuous selling pressure” from whales, which sent over 8,000 BTC to exchanges on Monday.
“As Bitcoin peaked at $82,196, whales started sending coins back to exchanges” – Analyst he said in Thursday’s QuickTake note, adding:
“It’s a classic sign of smart money selling hard – taking profits while building retail FOMO.”
Bitcoin whale activity. Source: CryptoQuant
Bitcoin’s realized losses reach $600 million
Bitcoin’s recent correction has resulted in a edged raise in realized losses. Long-term holder (LTH) losses reached $513.6 million on Tuesday, while short-term holder (STH) losses reached $101.8 million.
Total realized losses for all holders reached $616 million after Bitcoin fell to $76,000 on Monday.
That marked the biggest one-day loss since March and a gain of more than 1,500% in less than two days from $41.5 million on Sunday.
Bitcoin realized losses through LTH and STH. Source: Glassnode
LTH accounts for the majority of losses, while STH losses are relatively restricted, indicating that much of the stress falls on older buyers.
As Cointelegraph reportedBitcoin investors who hold their coins for more than six months may sell near the initial price after longer drawdowns, creating powerful overhead pressure that could hamper Bitcoin’s recovery.
