Bitcoin Price Steady at $106K While Wallets Accumulate and Miners Exit

• Wallets holding 100–1,000 BTC show substantial accumulation near a 0.9 score.
• Bitcoin miners liquidated $252M worth of BTC amid price correction.

Bitcoin wallet cohorts are returning to accumulation patterns after a brief distribution phase. Smaller holders show renewed interest, while large wallets maintain strong buying momentum.  

Glassnode’s latest data, released May 19, 2025, shows a broad return to accumulation behavior across Bitcoin wallet cohorts.

According to the “Trend Accumulation Score by Cohort” heatmap, smaller holders with less than 1 BTC recorded a score of 0.55. The most substantial accumulation was in wallets holding between 100 and 1,000 BTC, with a score close to 0.9.

Large-scale holders with 1,000 to 10,000 BTC also showed steady accumulation, maintaining scores around 0.85. These large cohorts have supported Bitcoin’s gradual price rise, from $60,000 in August 2024 to over $72,000 by mid-May 2025.

However, the 1 to 10 BTC group continued to show net distribution. This segment is selling into strength, contrasting with the broader market trend. Analysts suggest this behavior may reflect different risk appetites or liquidity needs among mid-sized holders.

Miners Execute Tactical Sell-Off Amid Price Peak

According to data shared by Ali Martinez, Bitcoin miners sold more than 2,400 BTC within 24 hours between May 18 and May 19, 2025. This amount, valued at approximately $252 million, marks a sharp drop in miner reserves. 

On May 18, reserves stood at roughly 1.8104 million BTC before declining significantly the following day. The sell-off followed a brief accumulation period between May 13 and May 17. 

Analysts interpret the move as strategic profit-taking during a price surge, which saw Bitcoin reach as high as $106,400 before retreating to around $104,000. The drop in miner reserves illustrates their influence on short-term price dynamics and potential preparation for increased volatility.

BTC Consolidates Near Resistance as Traders Watch Key Levels

Bitcoin’s price continues to consolidate near the $106,000 level. On May 20, the asset tested resistance at $106,500 but failed to break through. The trading session recorded a high of $106,565 and a low of $105,599, signaling limited volatility. 

Support around $105,000 has held firm, with repeated bounces in recent sessions. This level remains critical for maintaining upward momentum. The Relative Strength Index (RSI) currently stands at 70.03, indicating overbought conditions that may cap short-term gains.

However, market participants are closely monitoring the $106,500 resistance. A breakout above this level could signal renewed bullish momentum, while a failure may trigger a short-term pullback. The consolidation pattern reflects cautious optimism as traders weigh accumulation trends against miner selling pressure.