Whales Accumulate 47,000 BTC as Retail Demand Slumps

An on-chain analytics report on May 25 found that entities holding at least 1,000 BTC accumulated roughly 47,000 BTC over the prior 14 days while apparent demand fell to about -147,000 BTC, the weakest reading for 2026.

Addresses holding 1,000 or more BTC increased to 1,282 on May 22, matching a year-to-date high first reached on May 3.

The Crypto Fear & Greed Index registered 28 on May 25, a reading in the “fear” range that coincided with the decline in apparent demand.

A metric tracking the divergence between large holders and retail printed its largest positive reading since November 2024, reflecting increased accumulation by large addresses as retail demand weakened.

One dataset showed an entity labeled “Strategy” added 24,869 BTC in the most recent week at an average price near $80,985, an outlay of roughly $2.01 billion at that average. A wallet that had not moved coins since 2013 transferred 500 BTC during the period.

A holder sentiment measure read 0.82; the last time that metric was at or above 0.80 while the Fear & Greed Index was below 30 occurred in March 2024.

UTXO realized price distribution data indicate a concentrated supply cluster at $78,258, where about 415,534 BTC last changed hands, equivalent to roughly 2.07% of total supply. That cluster sits above current spot and is the first notable overhead supply band.

Coins that move through a defined price band have often remained inactive afterward, which can reduce immediate sell-side pressure at those levels.

On the 12-hour chart, an incomplete inverse head-and-shoulders pattern is visible. The head low registered at $74,177 on May 22. The prospective neckline near $78,125 overlaps the supply cluster. A 12-hour close above $78,125 followed by a breakout above $79,057 would confirm the pattern and project a measured target near $82,073. A 12-hour close below $74,177 would invalidate the structure.

On-chain flows and the price structure show large holders increasing positions while retail demand indicators registered low readings. The $78,258 supply concentration remains the first major resistance above spot; if prices trade through that band, the coins that move could become inactive and form a support area.