Glassnode: Bitcoin Accumulation Shifts — Mid-Size Holders Surge as Whale Selling Eases, New Structural Demand Emerges

On October 4, COINOTAG referenced a glassnode update highlighting a shift in the Bitcoin accumulation profile: mid-size BTC holders have notably increased balances, whale selling has eased, and small holders remain largely neutral. This on-chain evidence indicates that while the largest addresses continue some distribution, new structural demand is materializing among intermediate cohorts.

From a market-structure standpoint, this redistribution can compress available circulating supply and affect short-term liquidity dynamics; monitoring exchange flows, cohort supply changes and realized on-chain metrics is essential for disciplined risk management. The observation is data-driven and verifiable—market participants should rely on these key on-chain indicators rather than speculative narratives.