Largest Bitcoin Holder Cohort is Accumulating As BTC Eyes $110K Again

Bitcoin (BTC) is showing renewed strength above $105,000, buoyed by a notable return to accumulation from its largest holders and a fading presence of resistance up to the $110,000 level.

Whales Resume Bitcoin Accumulation at Full Intensity

The largest wallet cohort holding over 10,000 BTC has flipped back into accumulation mode after weeks of neutrality or light distribution, according to Glassnode data. That marks a critical behavioral shift, signaling renewed confidence among long-term institutional players.

At the same time, the trend accumulation score for both the 10–100 BTC and<1 BTC cohorts has surged to 1.0—the highest possible value—indicating maximal accumulation pressure.

These two groups represent opposite ends of the market: deep-pocketed mid-sized entities and small-scale retail investors. The synchronized buying across these cohorts adds depth to the current demand structure.

Bitcoin Retail is Lagging — But $110K Looks Achievable

Data from Material Indicators reinforces the whale accumulation trend.

The Cumulative Volume Delta (CVD) chart shows that whales, particularly those placing orders in the $100K to $1M and $1M to $10M range, have continued buying since late May.

Their bid activity remains strong, even as other cohorts, especially smaller retail players in the $100–$10,000 bracket, show hesitation or flat behavior. Importantly, the CVD slope has stabilized, indicating that the bullish momentum generated by whales hasn’t yet been invalidated by profit-taking or panic selling.

Meanwhile, heatmaps of BTC/USDT order book data reveal a notable lack of dense sell walls until the $110,000 level. This absence of significant resistance opens the door for a smooth move toward retesting the previous cycle high.

The order book remains relatively thin above $106,000, suggesting any fresh momentum could trigger a rapid upside extension.

Fractal Flashback: Bitcoin in 2025 Mimics 2021 Bullish Setup

A side-by-side chart comparison of Bitcoin’s 2021 and 2025 cycles shows a near-identical three-phase pattern: Accumulation, Last Chance, and Life-Changing Wealth.

In 2021, the breakout from the “Last Chance” consolidation led to a near-vertical rally. The current 2025 structure is showing similar signs—Bitcoin has exited a multimonth reaccumulation range and is now trading in the early stages of a potential parabolic move.

If this fractal continues to play out, BTC could enter a vertical expansion phase with upside targets well above $150,000, potentially validating projections of a supercycle top between $220,000 and $280,000.

The alignment of onchain accumulation trends and technical fractal symmetry reinforces the bullish thesis.