Bitcoin Consolidates Below Record High, With Everyone From Shrimps to Whales Accumulating

Bitcoin (BTC) is now trading at approximately $118,000, a bit more than 5% below its all-time high amid a wave of accumulation across the entire network.

On-chain data from Glassnode shows that almost all wallet cohorts from retail shrimps holding less than 1 BTC to institutional-scale whales with more than 10,000 coins are now registering Accumulation Trend Scores of 1 on aggregate.

This score reflects the relative strength of net accumulation over the past 15 days, adjusted for wallet size and entity activity. A score near 1 indicates that a cohort is aggressively accumulating BTC, while values closer to 0 suggest distribution.

This unified buying behavior across almost every cohort is somewhat rare, last seen in November 2024 and May 2025. Notably, smaller entity wallets holding less than 100 BTC are playing a critical role in driving this trend. Known as crab and fish cohorts, these wallets are collectively acquiring BTC at a rate of 19,300 BTC per month, according to Glassnode data.

That level of demand now outpaces the monthly issuance of new coins, which is only 13,400 BTC. In effect, retail and mid-sized investors alone are absorbing more than 100% of the new supply, creating a tightening effect on available circulating coins.

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