According to @glassnode, the recent Bitcoin rally toward $76,000 has been marked by smaller wallet cohorts leaning toward distribution rather than accumulation. Broad-based accumulation across all wallet sizes remains absent, which poses challenges to the sustainability of future upward movements. Their 'Accumulation Trend Score' highlights a lack of significant participation or balance increases among larger entities, creating a cautious trading outlook.

According to @Andre_Dragosch, accumulation has been picking up among very large crypto “whale” wallet cohorts and small wallets, while mid-sized cohorts are not showing the same strength (source: @Andre_Dragosch on X, Dec 18, 2025). Overall accumulation activity is re-accelerating (source: @Andre_Dragosch on X, Dec 18, 2025). He also notes that whales are not necessarily identical with long-term holders (source: @Andre_Dragosch on X, Dec 18, 2025).