Bitcoin’s price remains stable around $106,000 while a fascinating dynamic unfolds in the digital asset’s wallet space. Wallets holding significant Bitcoin – between 100 to 1,000 BTC – show signs of robust accumulation, nearing a score of 0.9. This indicates increasing confidence and investment in the long-term prospects of Bitcoin. Meanwhile, miners have undertaken tactical sell-offs, liquidating roughly $252 million worth of Bitcoin over a 24-hour period.
Recent data from Glassnode suggests a broader shift towards accumulation across different cohorts. Smaller holders with less than 1 BTC show a score of 0.55, while larger holders (1,000 to 10,000 BTC) continue to maintain strong buying momentum, contributing to Bitcoin’s gradual price rise from $60,000 in August 2024 to over $72,000 by mid-May 2025. This is despite a period of distribution among those holding between 1 and 10 BTC. This contrasting behavior could reflect diverse risk profiles or liquidity needs amongst these mid-sized holders.
Miners have also influenced Bitcoin’s price dynamics, selling over $252 million worth of Bitcoin in just 24 hours. This move coincides with the recent price surge to $106,400 before a pullback to around $104,000. The shift in miner reserves hints at strategic profit-taking during a market peak and potential future volatility.
Despite the brief retracement, Bitcoin remains near $106,000 with key support around $105,000 holding firm. This level is critical for maintaining upward momentum. Traders are cautious yet optimistic as they weigh accumulating trends against miner selling pressure. A break above the crucial $106,500 resistance could indicate renewed bullishness, while a failure could spark short-term price fluctuations.