Bitcoin (BTC) is down nearly 7% from its local high of $82,800, as several groups of wallet holders have shifted from accumulation to distribution. The data suggests that this distribution, combined with rising realized losses, indicates a potential momentum shift.
Key conclusions:
- The absorption range of newly mined BTCs drops to all-time lows below -150%.
- Bitcoin holders shift from accumulation to distribution after BTC price drop
- Bitcoin’s realized losses soared above $600 million in a single day while the price of BTC fell to $76,000.
Bitcoin whales absorb at all-time lows
The annual absorption rate measures the amount of newly issued BTC absorbed by the market over the past year. Currently, the absorption rate on exchanges is improving as whales lose coins at a historic rate.
Notably, the annual rate of Bitcoin absorption by exchanges improved to -75% from below -100% in April as the inflows continue.
Annual Bitcoin Absorption Rates. Source: Glassnode
The chart above shows that a similar jump in the exchange rate absorption rate in January preceded BTC’s 38% drop in price to $60,000 from $98,000.
While large holders (100–1000+ BTC) are collecting more than 150% of the new issue, the rate has fallen sharply since mid-April and is well below the record levels seen in November 2025.
Meanwhile, the accumulation rate among whales (entities holding more than 1,000 BTC) fell to -151%, the lowest rate in Bitcoin history.
Annual rates of Bitcoin absorption by whales and sharks. Source: Glassnode
This marks a change in the institutional mood, especially a severe one outflows from spot Bitcoin exchange-traded fundsreflecting a decline in long-term beliefs among large holders.
All groups of Bitcoin owners “take profits”
Bitcoin investors rejected the risk, distributing their BTC as the price dropped to $76,000.
Glassnode’s The result of an accumulation trend (ATS) is close to zero (light yellow), which means whales are selling BTC or not accumulating.
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A decline in trend scores indicates a transition from accumulation to distribution in almost all groups. This change mirrors a similar pattern seen in mid-January 2025, which coincided with Bitcoin’s fall to $60,000 in February.
The result of the bitcoin accumulation trend. Source: Glassnode
Additional Glassnode data reveals a shift toward distribution or inactivity across all investor groups, as seen in the chart below.
Bitcoin Accumulation Trend Result by Group. Source: X/Glassnode
This is in contrast to the fourth quarter of 2024, where a broad cohort accumulation preceded a sustained rally that saw BTC/USD trade above $100,000 for the first time in history, fueled by the 2024 US presidential election.
CryptoQuant analyst Woominkyu noted “continued selling pressure” from whales that sent more than 8,000 BTC to exchanges on Monday.
“As Bitcoin rose to a peak of $82,196, whales began sending coins back to exchanges,” analyst he said in a QuickTake note on Thursday, adding:
“This is a classic sign of smart money selling into strength – taking profits while retail FOMO was building.”
Bitcoin whale activity. Source: CryptoQuant
Bitcoin’s realized losses jump to $600 million
Bitcoin’s latest correction caused a sharp increase in realized losses. Losses for long-term holders (LTH) reached $513.6 million on Tuesday, while losses for short-term holders (STH) reached $101.8 million.
Total realized losses for all owners reached $616 million after Bitcoin fell to $76,000 on Monday.
That marked its biggest one-day loss since March and a jump of over 1,500% in less than two days, compared to Sunday’s $41.5 million.
Bitcoin made losses from LTH and STH. Source: Glassnode
LTHs account for the bulk of the losses, while STHs’ losses are relatively limited, indicating that the stress is mostly on older customers.
Like Cointelegraph reportedBitcoin investors holding their coins for more than six months could sell close to their entry price after prolonged pullbacks, creating strong pressure that could halt Bitcoin’s recovery.
