Bitcoin’s (BTC) richest traders and investors are increasingly bullish on BTC despite facing downside risks from unfavorable macroeconomic factors, the latest onchain data suggests.
Bitcoin whales absorbing 300% of new supply
Bitcoin whales and sharks are now absorbing BTC at record rates—over 300% of yearly issuance—while exchanges are losing coins at a historic pace, according to Glassnode.
Notably, Bitcoin’s yearly absorption rate by exchanges has plunged below -200% as outflows continue. This signals a growing preference for self-custody or long-term investment.
Bitcoin yearly absorption rates. Source: Glassnode
Meanwhile, larger holders (100–1,000+ BTC) are scooping up more than three times the new issuance, marking the fastest rate of accumulation among sharks and whales in Bitcoin’s history.
Bitcoin yearly absorption rates of whales and sharks. Source: Glassnode
This marks a structural shift as traditional finance