Bitcoin wallets holding over 10,000 BTC hit a six-month high of 89, according to Santiment data.
• Wallets with 10,000-100,000 BTC share of supply went up to 11.35% from 11.24%.
• Bitcoin bulls now target $70,000 as the next major breakout level.
As Bitcoin (BTC) hovered near $64,000 on Wednesday morning, BTC's biggest holders were quietly increasing their share of the cryptocurrency's supply, suggesting some whales may be taking advantage of the latest pullback to accumulate.
Santiment data showed on Wednesday that the number of mega-whale wallets holding 10,000 BTC or more climbed to a six-month high of 89. The analytics platform said the cohort added six wallets, or 7.1%, over the last eight weeks.
The rise follows a drop in activity from smaller holders. According to Santiment, micro wallet holdings have decreased over August, with the Coldcard hacks and delays around the CLARITY Act adding to fear, uncertainty, and doubt among retail traders.
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"Smaller holders are losing share, while the largest wallets are gaining presence again. Supply is rotating toward stronger hands before the next major market fluctuation, and this usually increases the likelihood of that fluctuation being a bullish one." Santiment said on X.
Data from Santiment also showed that wallets holding between 10,000 and 100,000 BTC grew to represent about 11.35% of Bitcoin's circulating supply on Aug. 19, up from about 11.24% in late June.
The data indicated that the 100,000 to 1 million BTC cohort grew its share of supply over time. The recent sell-off has not prompted a larger exit by Bitcoin's largest holders. Instead, whale cohorts seem to be ramping up their exposure even as retail adoption appears to be waning.
The build is coming at a time when other market indicators are less constructive. Monday brought net outflows from spot Bitcoin ETFs, ending a run of inflows and prompting speculation that institutional demand may be beginning to wane.
Glassnode data also showed Bitcoin's active addresses, transfer volume and fee generation move to the lower end of their recent ranges. On-chain profitability has improved only marginally, said the blockchain analytics firm, with realized losses still outnumbering realized profits.
This leaves Bitcoin with a bifurcated market signal, as large holders are accumulating but broader network activity and ETF flows have yet to confirm a sustained recovery.