Large holders quietly resumed accumulation last week, lifting BTC back above $91,000 as markets bet on a Fed rate cut — but analysts warn the $100,000 barrier remains a psychological wall.
MARKET INSIDER – Bitcoin’s largest holders — investors with more than 10,000 BTC — have flipped from net sellers to net buyers for the first time since August, a shift that is rippling across the crypto market. According to on-chain analytics firm Glassnode, the group’s Accumulation Trend Index surged to 0.8 last week, signaling strong, coordinated buying after months of aggressive distribution.
The reversal comes at a pivotal moment. Throughout 2025, whales and early adopters have been the biggest sources of sell pressure, unloading long-held coins as Bitcoin hovered near the $100,000 region earlier this year. Galaxy Research estimates more than 470,000 BTC held for over five years — worth roughly $50 billion — have changed hands in 2025 alone. Including 2024, nearly half of all long-dormant Bitcoin has now returned to circulation, contributing to the market’s volatility.
The latest data suggests that pressure is easing across all major cohorts, not just whales. Holders with 1,000–10,000 BTC turned net positive for the first time since September, while mid-tier accounts with 100–1,000 BTC have been buying consistently throughout the recent correction. Retail investors holding under 1 BTC are now accumulating at their fastest pace since July, adding a broad-based bid beneath the market.
Bitcoin’s rebound above $91,000 — after flirting with lows near $90,000 earlier this week — mirrors a broader resurgence in risk assets led by U.S. megacap tech stocks such as Alphabet and Nvidia. Hopes for a December Federal Reserve rate cut intensified after reports that White House economic adviser Kevin Hassett is the frontrunner to become the next Fed chair. Hassett publicly stated he “would cut rates now,” sending risk appetite surging across global markets.
Even so, analysts caution against reading too far into Bitcoin’s bounce. Despite the renewed accumulation, BTC remains well below the psychologically critical $100,000 threshold. Citigroup expects the cryptocurrency to consolidate between $82,000 and $90,000 into early 2026, arguing that October’s sentiment reset has throttled momentum.
Altcoins, meanwhile, are struggling to recover. CoinDesk suggests they will only follow higher if Bitcoin can convincingly break above $100,000 — and warns that if BTC’s recovery stalls, leveraged altcoins could tumble even further in an already fragile market.
The return of whale buying offers the strongest signal in months that long-term holders are regaining confidence. Whether this marks the early stage of a renewed bull leg or merely a temporary reprieve in a choppy consolidation zone will depend on whether Bitcoin can reclaim six-figure territory — the level that has repeatedly separated euphoria from exhaustion in this cycle.
