Bitcoin Accumulation Stays Confined to Two Wallet Cohorts

Bitcoin accumulation was confined to two wallet-size cohorts in the seven days through Nov. 9, according to Glassnode data, while every other tracked group reduced balances.

• 100–1,000 BTC wallets: The seven-day Accumulation Trend Score exceeded 0.5, and balances increased.
• 1,000–10,000 BTC wallets: The score also exceeded 0.5, and balances increased.
• All other tracked cohorts: Balances fell, including wallets holding less than 1 BTC and more than 10,000 BTC.

Glassnode described the pattern as “early dip buying from a narrow group.” The same two wallet groups had shifted toward buying in late September, but that change did not last, according to Glassnode.

What does the accumulation score measure?

The seven-day metric weights balance changes by wallet size. It therefore describes movement within size-based cohorts rather than confirming exchange sales. A wallet can add bitcoin without selling it, while a balance reduction does not establish that the holder deposited the coins on an exchange.

Operationally, the score identifies where balances rose or fell, not which venues received coins or whether any transaction produced a realized gain or loss. The reading can support a cohort-level accumulation thesis, but it cannot establish broad selling pressure, spot-market demand or a durable change in investor positioning.

The latest move also does not extend the late-September buying shift. The seven-day period through Nov. 9 represented an isolated increase in the two same cohorts rather than a continuation of their earlier change or a broad rise across wallet sizes.

How does the 34,000 BTC holder claim compare?

Glassnode’s new wallet-size breakdown adds detail to earlier coverage of a separate large-holder claim, but the figures cannot be matched directly. Crypto analyst Ali Martinez said Nov. 10 that large holders reduced balances by more than 34,000 BTC as Bitcoin fell from about $79,000 to below $73,000 over the prior week.

Martinez’s post did not specify the wallet-size bands behind the figure or establish that the coins were sold on exchanges. That leaves the estimate unable to be reconciled directly with Glassnode’s defined cohort readings, which weight balance changes by wallet size.

Where did Bitcoin trade relative to holder cost basis?

Bitcoin traded near $74,000 at 6 a.m. ET (11:00 UTC) on Nov. 11, below the $75,600 short-term holder cost basis. The price snapshot was dated Nov. 11, while the accumulation score and cost-basis data ran through Nov. 9.

The two-day reporting gap matters for interpretation: the Nov. 11 market snapshot does not capture the final two days of the seven-day accumulation window. The score therefore describes wallet behavior through Nov. 9 rather than the full period surrounding the reported price move.

What do stablecoins and ETF flows show?

Through Nov. 9, stablecoin supply had fallen by $14.2 billion over 30 days, its fastest contraction since June 2022. U.S. spot Bitcoin ETFs recorded $1.6 billion in net outflows over 20 sessions through the same date.

Together, the readings place the narrow wallet accumulation against a weaker liquidity and fund-flow backdrop. Neither the stablecoin contraction nor the ETF outflows identifies the counterparties behind the two cohorts’ balance increases, and neither confirms that the wallet-level buying reflected broad investor demand.

The next seven-day cohort score is the near-term test: a broader set of rising-balance bands would turn an isolated signal into wider accumulation, while a return to reductions would show that the buying impulse did not persist beyond the week through Nov. 9.