Data from Glassnode reveals significant outflows from large Bitcoin wallets, signalling a potential shift from accumulation to distribution amid technical hurdles and falling stablecoin reserves, leaving the market’s next move finely poised.
According to Glassnode data, Bitcoin’s largest non-exchange holders , wallets holding between 10,000 and 100,000 BTC, a cohort often made up of institutional custodians and early miners , have transferred roughly 36,500 BTC (about $3.37 billion) since 1 December, signalling a shift from accumulation to distribution. The movements coincide with the cryptocurrency struggling to clear a resistance band near $94,000 after last week’s Federal Reserve rate cut, with BTC trading close to $92,250 during early Asian hours on Friday.
The outflows from the 10k–100k BTC cohort have occurred against a backdrop of thinning market depth. Industry data shows stablecoin inflows , a commonly used proxy for ready buying power , have dropped by around 50% since August, a decline that analysts say reduces the fresh capital available to drive a decisive breakout above $100,000. “Bitcoin is trading steadily near $92,000 as markets digest the Fed’s rate cut alongside its plan to inject liquidity by purchasing $40 billion in Treasury bills each month. While this liquidity boost will have a stronger long-term impact, near-term sentiment is also improving, supported by renewed institutional flows,” noted Akshat Siddhant, Lead Quant Analyst at Mudrex.
Technical watchers highlight a narrow range of behaviour: a daily close above about $94,140 is widely seen as necessary for renewed upward momentum, while $90,000 and $88,000 are identified as the nearest floors. The $3.4 billion moved by the largest non‑exchange wallets, combined with the fall in stablecoin reserves, suggests the current $88k–$94k band is being used, at least in part, for distribution rather than fresh accumulation. That dynamic raises the risk of increased volatility if BTC breaches the lower support levels.
Yet the on‑chain picture is not uniform. Other analytics have recorded heavy buying by large holders in recent weeks: separate Glassnode-based commentary cited by some outlets indicates accelerated accumulation by major wallets at different times, and one analyst has described large institutional purchases earlier in the recovery phase. Data aggregators have also reported pockets of rapid accumulation , including claims that over 129,000 BTC were added to large holders’ reserves in a recent two‑week period , suggesting bouts of contrasting behaviour across wallet cohorts and timeframes.
Market commentators note that distribution by one segment of the market can coincide with accumulation by another. Long‑term holder metrics present a mixed signal: some cohorts of multi‑year holders have increased their share of supply even as mid‑term holders steadily trim positions. According to the original report, the broad takeaway is that while retail and some institutional flows have been supportive in recent sessions , with Bitcoin and Ethereum ETFs taking in more than $610 million over two days , the “smart money” represented by the 10k–100k BTC tier appears to be de‑risking into the liquidity provided by recent price strength.
The divergence between wallet cohorts, declining stablecoin buffers and the proximity of clear technical levels means the market’s next meaningful directional move will likely depend on which flows dominate: renewed institutional and retail bids that can restore depleted liquidity, or sustained selling from large non‑exchange holders that forces prices to test the $88,000 floor. The company claims implied by on‑chain metrics point to distribution in the largest wallets this month, but industry data and other analyses underscore that accumulation and selling have both been present across different groups, leaving the near‑term outlook finely balanced.
- https://cryptonews.com/news/bitcoin-whales-unload-3-4b-in-december/ – Please view link – unable to able to access data
- https://www.xt.com/en/blog/post/bitcoin-whales-unload-3-4b-in-december-btc-stalls-at-92k-resistance-glassnode – Bitcoin’s largest non-exchange holders, known as whales, have sold or redistributed approximately 36,500 BTC, valued at around $3.4 billion, since December 1. This distribution coincides with Bitcoin’s struggle to surpass the $94,000 resistance level following a Federal Reserve rate cut. The market is also experiencing a liquidity drought, with stablecoin inflows declining by 50% since August, indicating a lack of fresh capital support for a breakout above $100,000. Analysts suggest that for Bitcoin to push toward the $100,000 mark, a daily close above $94,140 is crucial, with $90,000 acting as immediate support.
- https://www.coindesk.com/markets/2025/09/24/bitcoin-stalls-around-usd112k-as-whales-lead-wave-of-selling – Bitcoin’s price has stalled around $112,000, with large holders, or ‘whales’, leading a wave of selling. Data from Glassnode indicates that every wallet cohort, from holders of less than 1 BTC to those with over 10,000 BTC, is in distribution, with the largest whales selling most aggressively. Long-term holder supply is declining, with the percentage of circulating supply unmoved for at least one year dropping from 70% to 60%, and for at least two years from 57% to 52%. This trend shows that investors sitting on unrealized profits from this cycle are continuing to realize profits, adding to the ongoing selling pressure.
- https://www.coindesk.com/markets/2025/09/03/bitcoin-s-old-guard-still-growing-despite-whale-selling – Despite widespread selling by large Bitcoin holders, the ‘old guard’ of long-term holders is still growing. Glassnode data shows that holders with 7 to 10 years of experience now control 8.1% of the supply, the highest level since 2019, while those with over 10 years have grown to 17%. Mid-term holders (5 to 7 years) are steadily distributing, with their share falling from 10% to 5% since early 2023. This indicates that while some investors are selling, long-term holders are increasing their share of the Bitcoin supply.
- https://www.analyticsinsight.net/news/crypto-market-update-bitcoin-whales-sell-34-billion-as-btc-stalls-near-92000-resistance – Bitcoin is trading near $92,000 as December sees heavy distribution from large holders and steady absorption by long-term wallets. According to Glassnode, since December 1, 3.37 billion Bitcoin have been transferred by non-exchange transaction entities. Concurrently, on-chain and derivative indicators suggest a decrease in liquidity and heightened tension around critical price levels. BTC was trading around 92,250 in early Asian trading after the Federal Reserve reduced rates the previous week. Bitcoin price is below the resistance zone of $94,000, and the nearest support is around $90,000 and $88,000. This ambivalent setting emphasizes whether, in the current flows, there is preparation for expansion or further consolidation.
- https://cointelegraph.com/news/bitcoin-whales-scoop-34k-btc-after-december-dump – Large Bitcoin holders are back to buying huge amounts of the cryptocurrency as its price dove toward the end of 2024 following a record six-figure high, according to a Blocktrends analyst. More than 34,000 Bitcoin (BTC) worth about $3.2 billion have been accumulated by institutional investors, providing buying pressure for the current recovery in Bitcoin. This buy-up came after wallets holding between 1,000 to 10,000 BTC dumped 79,000 BTC in the week after December 21, days after it hit a peak of over $108,000 on December 17 amid the US Federal Reserve interest rate cut, which ended up generating a 15% correction.
- https://forklog.com/en/whales-acquire-11-billion-in-bitcoin/ – Large holders have acquired over 129,000 BTC in the past two weeks, according to analysts at Glassnode. The total purchase value amounted to $11.2 billion at a Bitcoin price of $87,500. This marks the fastest accumulation rate since August 2024. Glassnode noted that the increase in reserves demonstrates the confidence of major market participants in the prospects of the leading cryptocurrency, despite ongoing macroeconomic uncertainty. Since the beginning of March, Bitcoin has recovered from levels below $78,000.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative presents recent data from Glassnode, dated December 12, 2025, indicating that Bitcoin’s largest non-exchange holders have sold or redistributed approximately 36,500 BTC (around $3.4 billion) since December 1. This aligns with Bitcoin’s struggle to surpass the $94,000 resistance level following a Federal Reserve rate cut. The report also notes that BTC was trading at $92,250 during early Asian hours on Friday. The freshness score is high, as the data is current and directly relevant to recent market movements. However, similar narratives have appeared across various platforms, including XT.com ([xt.com](https://www.xt.com/en/blog/post/bitcoin-whales-unload-3-4b-in-december-btc-stalls-at-92k-resistance-glassnode?utm_source=openai)) and TradingView News ([tradingview.com](https://www.tradingview.com/news/cryptonews%3A03b877928094b%3A0-bitcoin-whales-unload-3-4b-in-december-btc-stalls-at-92k-resistance-glassnode/?utm_source=openai)), suggesting that the content may be recycled. Additionally, the report cites Glassnode data, which is a reputable source, enhancing its credibility. The presence of similar content across multiple platforms and the reliance on a press release from Glassnode may indicate a higher freshness score but also warrant scrutiny for originality.
Quotes check
Score:
9
Notes:
The narrative includes a direct quote from Akshat Siddhant, Lead Quant Analyst at Mudrex: “Bitcoin is trading steadily near $92,000 as markets digest the Fed’s rate cut alongside its plan to inject liquidity by purchasing $40 billion in Treasury bills each month. While this liquidity boost will have a stronger long-term impact, near-term sentiment is also improving, supported by renewed institutional flows.” A search for this exact quote reveals no earlier usage, suggesting it may be original or exclusive content. The absence of identical quotes in earlier material supports a higher originality score.
Source reliability
Score:
7
Notes:
The narrative originates from Cryptonews, a platform that aggregates cryptocurrency news. While it cites Glassnode, a reputable on-chain analytics firm, the platform’s own credibility is uncertain due to limited verifiable information. The reliance on a press release from Glassnode, a reputable source, enhances the report’s credibility. However, the platform’s own credibility is uncertain due to limited verifiable information. The presence of similar content across multiple platforms, including XT.com and TradingView News, suggests that the content may be recycled.
Plausability check
Score:
8
Notes:
The narrative presents plausible claims, such as Bitcoin’s struggle to surpass the $94,000 resistance level and the distribution of BTC by large holders. These claims are consistent with recent market trends and are supported by data from Glassnode. The inclusion of a direct quote from Akshat Siddhant adds credibility to the analysis. However, the presence of similar narratives across various platforms and the reliance on a press release from Glassnode may indicate a higher freshness score but also warrant scrutiny for originality.
Overall assessment
Verdict (FAIL, OPEN, PASS): OPEN
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative presents current data from Glassnode, indicating significant BTC distribution by large holders and Bitcoin’s struggle to surpass the $94,000 resistance level. The inclusion of a direct quote from Akshat Siddhant adds credibility. However, similar content has appeared across multiple platforms, suggesting potential recycling of material. The reliance on a press release from Glassnode, a reputable source, enhances the report’s credibility. Due to the presence of recycled content and the reliance on a press release, the overall assessment is ‘OPEN’ with medium confidence.