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Bitcoin Consolidates Below Record High, With Everyone From Shrimps to Whales Accumulating
On-chain data shows almost every wallet group is stacking BTC, with smaller holders alone now absorbing more than the monthly issuance.
Jul 17, 2025, 12:52 p.m.
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What to know:
- Wallets from shrimps to whales are all showing Accumulation Trend Scores of 1, signaling network-wide buying pressure.
- Small-medium size holders alone are accumulating 19,300 BTC per month, surpassing the 13,400 BTC monthly issuance rate.
Bitcoin is now trading at approximately $118,000, a bit more than 5% below its all-time high amid a wave of accumulation across the entire network.
On-chain data from Glassnode shows that almost all wallet cohorts from retail shrimps holding less than 1 BTC to institutional-scale whales with more than 10,000 coins are now registering Accumulation Trend Scores of 1 on aggregate.
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This score reflects the relative strength of net accumulation over the past 15 days, adjusted for wallet size and entity activity. A score near 1 indicates that a cohort is aggressively accumulating BTC, while values closer to 0 suggest distribution.
This unified buying behavior across almost every cohort is somewhat rare, last seen in November 2024 and May 2025. Notably, smaller entity wallets holding less than 100 BTC are playing a critical role in driving this trend. Known as crab and fish cohorts, these wallets are collectively acquiring BTC at a rate of 19,300 BTC per month, according to Glassnode data.
That level of demand now outpaces the monthly issuance of new coins, which is only 13,400 BTC. In effect, retail and mid-sized investors alone are absorbing more than 100% of the new supply, creating a tightening effect on available circulating coins.
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‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
Cosa sapere:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
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