Bitcoin (BTC) has dropped nearly 7% from its local peak of $82,800, as several groups of wallet holders switched from accumulation to distribution. Data suggests that this distribution, combined with increasing realized losses, points to a potential shift in momentum.Key takeaways:Whale absorption of newly mined BTC supply drops to all-time lows below -150%.Bitcoin holders shift from accumulation to distribution after BTC price dropBitcoin realized losses surged above $600 million in a single day as BTC price fell to $76,000.Bitcoin whales absorbing at all-time lowsThe yearly absorption rate measures the amount of new BTC issued that has been absorbed by the market over the past year. Currently, the absorption rate by exchanges is improving while whales are losing coins at a historic pace.Notably, Bitcoin’s yearly absorption rate by exchanges has improved to -75 % from below -100% in April as inflows continue.Bitcoin yearly absorption rates. Source: GlassnodeThe chart above shows that a similar jump in the exchange absorption rate in January preceded a 38% BTC price decline to $60,000 from $98,000. While large holders (100–1,000+ BTC) are scooping up more than 150% the new issuance, the rate has dropped sharply since mid-April and is significantly below the record levels seen in November 2025.Meanwhile, the rate of accumulation among whales (entities holding more than 1,000 BTC) has dropped to -151%, its lowest in Bitcoin’s history.Bitcoin yearly absorption rates by whales and sharks. Source: GlassnodeThis marks a shift in institutional sentiment, particularly with heavy outflows from spot Bitcoin’s exchange-traded funds, reflecting a reduction in long-term conviction among large holders.All Bitcoin holder cohorts are “taking profits”Bitcoin investors went risk-off, distributing their BTC as the price dropped to $76,000.Glassnode’s Accumulation Trend Score (ATS) is near zero (light yellow), indicating that whales are selling BTC or not accumulating. Related: Bitcoin retakes $71K as US sends Iran 15-point ceasefire planThe drop in the trend score indicates a transition from accumulation to distribution across almost all cohorts. This shift mirrors a similar pattern observed in mid-January 2025, which aligned with Bitcoin’s drop to $60,000 in February. Bitcoin accumulation trend score. Source: GlassnodeAdditional data from Glassnode reveals a shift toward distribution or inactivity across all investor cohorts, as seen in the chart below.Bitcoin accumulation trend score by cohort. Source: X/GlassnodeThis is in contrast to Q4 2024, where 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 elections.CryptoQuant analyst Woominkyu highlighted “continued selling pressure” from whales who sent more than 8,000 BTC to exchanges on Monday. “As Bitcoin rallied to a peak of $82,196, whales began sending coins back to exchanges,” the analyst 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: CryptoQuantBitcoin’s realized losses jump to $600 millionBitcoin’s latest correction triggered a sharp spike in realized losses. The losses by long-term holders (LTHs) reached $513.6 million on Tuesday, while losses by short-term holders (STHs) reached $101.8 million. The aggregate realized losses across all holders reached $616 million after Bitcoin dropped to $76,000 on Monday. This marked the highest single-day loss realization since March and an over 1,500% jump in less than two days, compared with $41.5 million on Sunday.Bitcoin realized losses by LTHs and STHs. Source: GlassnodeLTHs account for the bulk of the losses, while STH losses stay comparatively contained, indicating that the stress is largely on older buyers.As Cointelegraph reported, Bitcoin investors who have held their coins for over six months could sell near their entry price after extended drawdowns, creating strong overhead pressure that may stall Bitcoin’s recovery.

Bitcoin (BTC) focused on $77,000 on Thursday as analysis eyed a minimum 5% BTC price move.Key points:Bitcoin waits for a breakout move as it circles the $77,000 mark.Analysis sees risk in shorting price at current levels, with bears in the firing line.Macro hurdles keep risk assets down across the board, while US bond yields cool.Trader sees 5% BTC price move “soon”Data from TradingView showed BTC price action sticking to a narrow range, with leveraged positions on either side of spot.BTC/USD one-hour chart. Source: Cointelegraph/TradingView“Some big clusters right around price. Most notably: the ~$78K area and the $76.5K-$77K area in the short term,” trader Daan Crypto Trades wrote in his latest analysis on X. “Price has been in a pretty tight price range the past few days so expecting some larger 5%+ move to occur here soon again.”Crypto liquidation history (screenshot). Source: CoinGlassData from CoinGlass revealed that short positions had taken the majority of losses across crypto over the 24 hours to the time of writing.“Bears on $BTC are getting SQUEEZED in real-time,” X analytics account Cryptic Trades commented. “While the price is going up, the Open-Interest has dropped by over 12K. This is exactly why you don’t short a BULLISH BACKTEST.”BTC/USDT one-hour chart with open interest data. Source: Cryptic Trades/XCryptic Trades remained optimistic about BTC market strength despite the loss of various support levels in recent days. Holding above $74,000, it continued, was the “most likely outcome.”“Shorting here, or hedging your spot holdings simply doesn’t make sense from a technical perspective, because the market structure remains intact,” it argued.BTC/USD three-day chart. Source: Cryptic Trades/XOil returns to triple figures on Iran cuesBitcoin and other risk assets faced familiar macro headwinds on the day, with WTI oil prices heading back above $100 per barrel.Related: BTC price ‘bull trap’ at $76.5K? Five things to know in Bitcoin this weekThe US-Iran war remained the key catalyst amid mixed reports over uranium enrichment and a permanent toll on oil traffic through the Strait of Hormuz.CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingViewThe day prior, US President Donald Trump had sent oil and US bond yields lower with hints that an Iran peace deal was near.“It’s the same recipe, if this trend is prolonged and the deal is likely finalized, you’ll see yields continue to fall even more, especially in Japan,” crypto trader and analyst Michaël Van de Poppe responded. “If those yields come down — > risk-on assets to rally even higher.”US 30-year treasury yield one-hour chart. Source: Cointelegraph/TradingView