Bitcoin's blockchain data reveals that small addresses continue to accumulate BTC, even as whales stick to their "sell on rise" strategy. This pattern highlights a contrast in market behavior.
All cohorts other than humpback whales have accumulated bitcoin for the past two months. This has coincided with bitcoin's upward price trajectory, as it climbed from approximately $55,000 in September to just shy of $90,000 in November.
The data challenges the narrative that whales are the smart money of the ecosystem. While whales have been selling into price strength, retail has been buying the rally.
Glassnode data shows a breakdown of all cohorts from less than one BTC, called "shrimps," to over 10,000 BTC, referred to as "humpback whales." This indicates differing behaviors between retail and institutional investors.
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