Changes in the dynamics of the Bitcoin Market (BTC) are emerging, according to on-chain data analyzed by GlassNode.
The sense of staying outside begins to grab both whales – and now – the small investor, Mark the second bullish impulse in this cycle.
Accumulation is currently displayed on almost every Bitcoin wallet spectrum, with less than one BTC holder being passed from the distribution to a light storage index of about 0.55. Large cohorts such as 100-1,000 BTC exhibit an accumulation index of 0.9, with 1,000-10,000 BTC reaching 0.85. Only the 1-10 BTC portfolio remains online sellers.
Accumulation index is a metric used in analyses of financial markets, particularly in cryptocurrencies, which is accumulation (purchasing or holding) or distribution (selling) by evaluating the behavior of holders of assets such as Bitcoin. In the context of on-chain analysis, such as that provided by GlassNode, this index measures the intensity of the accumulation or distribution of BTC in different wallet cohorts, classified according to the number of currencies owned.
Until recently, individual investors seemed to be out of the way. Bull Run. Data reported by Cryptootics shows that since 2025, individuals have recorded a 247,000 BTC drop in their balances. in contrast, The market showed a trend towards “corporation”the company has added 157,000 BTC to the balance. Meanwhile, the government and investment funds (including ETFs) also increased their holdings, adding 19,000 and 49,000 BTC, respectively.
The move reflected the control of institutional actors in the market, leaving small disadvantaged investors. However, recent analysis of GlassNode suggests that retailers are slowly returning. I was able to give Bitcoin the impulse needed to achieve a new historic maximum.
There’s no generalized sense of happiness… yet
According to Google Trends Historical Graphic, despite this change in market dynamics, “Bitcoin” has been searched on Google, showing that there is still no generalized euphoria among the public, and that current interest is below the peaks recorded in previous cycles such as 2017 and 2021. This suggests that the market has not reached an overheated state.
However, this metric does not necessarily correlate with BTC price, as upward movements do not always involve proportional increases in searches. For example, in 2021, Bitcoin marked a historic maximum of USD 69,000. However, Google’s searches were significantly lower than in 2017.when the price reaches 20,000 USD. This shows that large public interest is not an essential requirement for the currency created by Nakamoto Atoshi, reaching the peak of new prices.
However, Coinmarketcap’s fear and greedy indicators place the market in a state of greedy. reflects an increase in optimism among participants. This indicator is a tool that measures the emotional sensation of the cryptocurrency market, primarily in Bitcoin, to assess whether investors act from fear (selling or selling or avoiding risk) or greed (purchasing through FOMO). It is expressed on a scale of 0 to 100. 0-24 shows extreme fear, fear of 25-49, 50 neutrality, 51-74 greed, and 75-100 extreme greed.
This index is important It is because it reflects the psychological state of the market.helps to identify possible inflection points: fear can point to underestimation and opportunities for purchasing, but greed not only shows optimism, but also risk of correction in unstable markets.
In addition to the fact that the index reflects investor greed, research companies such as Kaiko Research predict that this will move and become a very unstable quarter.
Retail investors’ return, albeit progressive, is a key factor in current dynamics. Historically, large-scale entry of small investors This is the catalyst for significant upward movementbecause its participation tends to generate network effects that attract more attention to assets.
According to GlassNode, the accumulation observed in small wallets could be an early indication of this phenomenon. Therefore, if this trend is integrated, Bitcoin was able to find the support it needed to break important resistancecontinues the upward trajectory in this cycle, including USD 106,000 and USD 109,000.
Meanwhile, the participation of institutional actors remains a fundamental pillar. The accumulation of 157,000 BTC by businesses in 2025 is Companies come to Bitcoin as a viable value reserveespecially in the context of global economic uncertainty.
The ETF with an increase of 49,000 BTC reflects the sustained interest by investors who prefer indirect exposure to assets. And the government has accumulated less than 19,000 btc, but not too late, It shows that Bitcoin is accepting in the more traditional realm.
Is there a balance of dynamics?
Now, recent changes allow smallholders to accumulate again, bringing this dynamic balance back to the market with a more inclusive character. Light accumulation in wallets less than 1 BTC is modest, but This is an indicator of changing feelings among retailers.
This scenario combines optimism with carefulness Increased retail participation could accelerate ralliesif FOMO leads to impulsive purchases, it also increases the chances of fixing.
A combination of these factors positions Bitcoin at a critical moment in the current cycle. With the sustained accumulation of whales and institutional benefits, the return of small investors; Create a favorable environment for the second upward wind.
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