Growing Confidence in Bitcoin: Accumulation Trends

Growing Confidence in Bitcoin Despite Falling Prices: New Data Highlights Accumulation Trends

17 November 2025 at 21: 21

Reading time: 2 minutes

Over the past week, the number of unique entities that are at least 1.000 BTC (Bitcoin) in their holdings has risen to 1.436, despite the continued decline in the bitcoin price, which remains firmly below $100.000. This trend represents a notable reversal from the broader behavioral profile observed in 2025, where early adopters and long-term investors acted as net sellers.

To put this development into context, this group peaked in November 2024 at over 1.500 entities, driven by the excitement and bullish movement that followed Donald Trump's election victory, but then declined to around 1.300 in October of this year.

A similar price increase, accompanied by a surge in large holders, occurred in January 2024, prior to the launch of exchange-traded funds (ETFs) in the United States, when the number of entities rose from 1.380 to 1.512. Ultimately, the bitcoin price peaked at around $70.000 a few months later.

Understanding collecting patterns

Additionally, Glassnode's Accumulation Trend Score provides valuable insights into the behavior of different portfolios. This metric measures the relative strength of coin acquisition across different balance tiers, based on the entity's size and the volume of coins accumulated over the past fifteen days. A score close to one indicates accumulation, while a score close to zero indicates distribution. Entities such as exchanges and miners are excluded from this calculation to provide a clear picture of the actual holders.

Notably, for the first time since August, whales (holders with more than 10.000 BTC) are no longer heavy sellers, with a score now hovering around 0,5. Similarly, entities holding between 1.000 and 10.000 BTC are showing modest accumulation. The most significant accumulation is coming from holders of between 100 and 1.000 BTC, as well as from portfolios holding less than 1 BTC. This data suggests growing confidence among both large and small entities that Bitcoin is currently undervalued.

These developments are of great interest to investors and analysts, as they signal a shift in market dynamics. While the broader market may be cautious, there appears to be a fundamental belief that Bitcoin will maintain or even increase its value. These changes in the holding landscape may be further influenced by macroeconomic factors and regulations, which could contribute to price movements in the coming months.

It's crucial for policymakers to consider the implications of this data. The renewed accumulation by both small and large investors could signal market stabilization or even the start of a new upward trend. This is something we, as an industry, must be vigilant about.

Frequently Asked Questions

What does the increase in the number of Bitcoin holders mean for the price of BTC?
The rise in the number of holders indicates increasing demand and potentially increased confidence in Bitcoin. This could lead to a price increase in the long term, especially if the macroeconomic environment remains favorable.

How can we interpret the Accumulation Trend Score?
The Accumulation Trend Score helps us understand whether certain entities are accumulating or selling bitcoin. Scores near one indicate accumulation, which indicates that investors believe in bitcoin's future value.

What are the dangers of current market trends for investors?
The volatility of the crypto market remains a significant risk for investors. While accumulation by certain groups can be a positive sign, unexpected external factors such as regulatory measures or global economic changes can have a significant impact on price movements.

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