Bitcoin whales begin accumulating again

According to Santiment data, large wallets holding between 10 and 10,000 Bitcoin have recently turned back to the buying side. The platform described this behavioral shift as a “positive reversal.”

In fact, the numbers also confirm this trend. The share of Bitcoin supply controlled by these wallets increased from 68.07% to 68.17% over the past week. While the change may seem small, it is considered significant for the market structure.

In other words, large investors appear to be increasing their positions at a time when the price is stabilizing around the $71,000 level. The fact that major players are accumulating at these levels is often interpreted as a potential signal about the medium-term direction of the market.

Meanwhile, the price of Bitcoin is trading at around $71,350 at the time of writing, marking an increase of approximately 6.3% over the past seven days.

Key signal for a potential bottom: retail investor behavior

According to Santiment, the behavior of smaller investors will be critical in determining whether the market has actually reached a bottom.

Analysts are particularly watching for the following scenario:

• Retail investors beginning to sell

• Whales continuing to accumulate

• Coins moving from “weak hands” to “strong hands”

Historically, market bottoms tend to form during moments when investor psychology reaches a breaking point and weaker holders begin exiting the market.

However, if retail investors continue buying, Santiment suggests that it could delay the confirmation of a bottom. In crypto markets, periods when the broader investor base remains overly optimistic are often associated with temporary rallies rather than true bottoms.

Fear index remains in “Extreme Fear”

Market sentiment indicators also show that investors remain cautious. The Crypto Fear & Greed Index stayed in the “Extreme Fear” zone on Sunday with a reading of 16.

This suggests that investors are generally still risk-averse. Historically, such periods have sometimes coincided with the early stages of market bottom formation.

The situation looked completely different last week

In fact, whale behavior looked very different just one week ago.

According to Santiment’s data published on March 6, large investors had sold about 66% of the Bitcoin they accumulated between Feb. 23 and March 3. These sales occurred as Bitcoin surged above $70,000 and briefly approached $74,000.

In other words, the market appears to have shifted quickly from a phase of profit-taking back into an accumulation phase.

Analysts remain cautious: bottom not confirmed yet

Santiment’s report highlights one particularly important point: continued optimism among retail investors may suggest that a market bottom has not yet been confirmed.

The platform summarized the situation as follows:

“Markets rarely reward the majority consensus immediately.”

A similar view was expressed by well-known on-chain analyst Willy Woo. According to Woo, when viewed through the lens of long-range liquidity, Bitcoin still appears to be in the middle phase of a broader bear market.

ETF inflows are gaining momentum again

Meanwhile, the institutional side of the market is showing a more positive picture.

Spot Bitcoin ETFs traded in the United States recorded their first five-day inflow streak of 2026. Total weekly inflows reached approximately $767 million.

The return of institutional demand is seen as an important development for the long-term outlook of the market. Still, in the short term, the direction of the market will likely depend on whether whale accumulation continues and how retail investors behave.

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As of Thursday, 19,993 wallets held 100 BTC or more, each worth roughly $6.71 million. Santiment expects this number to surpass 20,000 by Friday. The platform stated, “An increase in 100+ BTC wallets indicates a broader distribution among large holders. Single-hand control is diminishing.”

Bitcoin’s price drop coupled with the growth of 100+ BTC wallets is generally interpreted as a signal of accumulation and potential buying periods.

Whale Distribution and Market Dynamics

Bitcoin is trading around $67,260, down roughly 47% from its $126,100 peak in October. Santiment notes that although new wallets are emerging, the total supply share held by these holders has not significantly changed. Some long-term investors are still selling, keeping prices suppressed. Nevertheless, the growing number of large wallets indicates a potential market recovery.

The rapid increase in whale wallets demonstrates that the market remains active despite the recent decline. Investor interest is rising, and psychological recovery signals are strengthening. Micro-analyses indicate that, in the short term, the market has a healthier distribution. This reduces the risk that a small number of whales can dramatically swing prices and creates a safer environment for long-term holders.

Santiment points out that while new wallets have emerged, the share of total supply hasn’t shifted substantially. The increase in whale wallets shows that, although most supply remains with long-term holders, large holdings are now distributed across more entities.

Have Long-Term Holders Stopped Selling?

The recent sharp pullback was partly driven by profit-taking among long-term investors. Analyst Will Clemente stated on January 14:

“Bitcoin OGs appear to have stopped selling aggressively for now.”

This suggests that current price pressure may ease. Interestingly, while new wallets cross the 100 BTC threshold, the total supply share hasn’t changed much, indicating an ongoing handover process. However, this is not investment advice.

Michaël van de Poppe noted that, in the short term, Bitcoin needs to find a higher low for the upward trend to continue. He added, “So far, so good for Bitcoin.”

The 20,000-wallet milestone is approaching rapidly. Whale distribution is increasing, and price volatility risks are decreasing. These developments send a positive signal to the market.

The post Bitcoin Whales Hit Record: Santiment Signals Bullish Trend appeared first on Coin Engineer.

Whales Turned The Dip Into Opportunity

While Bitcoin remained volatile, whales did not participate in selling pressure. Instead, they used price pullbacks as buying opportunities. Large wallets holding between 10 and 10,000 BTC added 269,822 BTC to their portfolios in just one month.

This behavior highlights long-term value expectations rather than short-term fluctuations. Historically, whales have applied similar accumulation strategies near market lows.

This accumulation is not merely speculative; it reflects a structural redistribution of supply. In Q4 2025, mid-cycle holders (3–5-year-old coins) liquidated positions. Long-term holders and institutional whales absorbed this selling pressure. As a result, exchange reserves tightened, establishing a de facto price floor. Historical patterns suggest whale-driven accumulation often precedes significant price surges, as seen in 2019 and 2020.

Exchange Withdrawals Increase Supply Shock Risk

During the same period, around 403,000 BTC was withdrawn from exchanges. This reduced Bitcoin’s liquid supply, potentially causing sharper price reactions during sudden demand spikes.

• Whales accumulated over $23 billion worth of BTC.
• A net 269,822 BTC was added to whale holdings.
• 403,000 BTC was withdrawn from exchanges, tightening supply.

This trend indicates a structural shift in market liquidity.

Historical Data Suggests Trend Reversal

Past market cycles show that heavy whale accumulation often precedes trend reversals. On-chain indicators support this observation. The Puell Multiple also remains in the historical “buying zone.”

Financial analysts believe current whale activity could support medium- and long-term Bitcoin price stability. The preference of major investors for cold wallets indicates low selling intent.

Investor Sentiment And Market Psychology

Whale accumulation directly impacts retail investor sentiment. During periods of heavy accumulation, market sentiment typically shifts toward cautious optimism. This reduces selling pressure and encourages bottom-fishing behavior.

Analysts note that while large-scale movements can temporarily strain market stability, they strengthen price discovery over the long term.

Conclusion

Bitcoin whales executed the largest monthly accumulation in 13 years. With over $23 billion in BTC accumulated and 403,000 BTC withdrawn from exchanges, supply shock potential rises. Historical trends and on-chain data suggest the market is seeking a new balance.

This content is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions.

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Why It Matters
The decline in LTH supply increases market sensitivity to short-term selling pressure and directly influences investor behavior.

Bitcoin LTH Supply Changes

According to Glassnode, long-term holders decreased their Bitcoin holdings from 14.8 million BTC in mid-July to 14.3 million BTC in December. This reduced the percentage of supply held by these investors to 71.92%, a level last seen in April. At that time, Bitcoin fell from its $109,000 all-time high to $74,000. LTHs increased their supply to 76% at lower prices in July, driving a 65% rally to $123,000.

CryptoQuant data shows that on a 30-day rolling basis, supply fell by 1.1 million BTC on November 26, the second-largest drop on record. Over the last 30 days, LTH supply decreased by 761,000 coins, while whales sold $2.78 billion in BTC, keeping downward pressure in place.

Bitcoin Outperforms Altcoins Over Past Three Months

What Is LTH Supply?

“LTH supply” refers to the total amount of coins held by long-term holders (LTH) and their share of total circulating supply.

• LTH (Long-Term Holder): Someone or a wallet holding crypto for at least 155 days.

• Supply: Total coins in circulation.

Example:

• Bitcoin total supply: 21 million BTC

• LTH holdings: 15 million BTC → LTH supply = 71.4%

The chart below, based on Capriole Investments data, illustrates this decline.

Could BTC Fall Below $70,000?

Bitcoin’s technical structure weakened after losing the 50-week moving average and the yearly open at $93,300. BTC/USD confirmed a bear flag below $92,000. Key support lies between $83,800 and $80,500. Breaking this zone could trigger a drop toward $68,500, with the 200-week MA providing support.

Bitcoin price movements were analyzed by our Coinmühendisi analyst. Bitcoin failed to break the $90,500 resistance and retreated to its support area. The current demand zone is 3.5% wide, with possible pullback to $83,800. A safe recovery would require price to surpass $90,500. Short-term traders can reduce risk by following bullish breakouts on lower timeframes.

Behavioral Analysis

LTH selling indicates rising investor fear and weakening market sentiment. This strengthens short-term selling pressure while creating potential dip-buying opportunities for strategic investors.

Summary List:

• LTH supply dropped to 71.92%, April levels

• 761,000 BTC exited LTH wallets in 30 days

• Whales sold $2.78B BTC in last 30 days

• Key support: $83,800 and $80,500

• Potential downside target: $68,500

This content is based solely on market data, on-chain analysis, and technical indicators. It is not investment advice. Investment decisions should be made based on your own research and risk management strategies.

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At the end of October 2024, Bitcoin’s price dropped below $112,788, pushing these new holders into losses for the first time in a year. This transition raises questions about whether they can withstand market pressure as older whales offload holdings.

Whale Realized Cap Signals a Power Shift

The Realized Cap measures Bitcoin’s total value based on the last on-chain transaction price for each coin. The Whale Realized Cap reflects the capital invested by large holders owning over 1,000 BTC.

Data from CryptoQuant shows that new whales’ share of the realized cap has risen sharply. However, for the first time since October 2023, these new whales now have a negative Unrealized Profit Ratio — meaning their average entry price of $112,788 is higher than the current BTC price of $110,196.

Meanwhile, older whales who accumulated Bitcoin at lower prices remain profitable, giving them greater resilience during downtrends and potentially adding selling pressure if new whales panic.

Selling Pressure and Market Psychology

This ongoing distribution from old whales to new whales could intensify selling pressure if sentiment weakens further. Historically, such transitions — where experienced holders sell to newer investors — have preceded deeper market corrections.

Open Interest across futures markets has declined, signaling weaker trader confidence. Lower participation means reduced volatility in the short term but also indicates uncertainty among investors about BTC’s near-term direction.

If new whales start selling to cut losses, Bitcoin could face additional downside. Conversely, if they hold through current levels, the market might find stability soon.

What to Watch Next

Analysts highlight three key signals to monitor:

• New whale behavior — large sell-offs could push BTC below $100,000.

• Long-term holder activity — renewed accumulation could stabilize the market.

• Futures Open Interest — a rebound could mark a short-term recovery trend.

The next few weeks will reveal whether this new generation of whales has the same conviction as their predecessors — a factor that could shape Bitcoin’s trajectory into 2025.

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New Whales’ High Cost Basis 

Firstly, the cost basis of new Bitcoin whales is approximately $91,900. This reflects the average acquisition price of short-term holders (STH) who have purchased over 1,000 BTC ($103.3 million) in the last 155 days. In contrast, the cost basis of long-term holders (LTH) is much lower. This disparity shows that new whales are entering the market at high prices. Moreover, it suggests that new investors taking positions above the current Bitcoin price may face unrealized losses. However, the confidence of these whales in the market could also reflect a long-term bullish outlook. 

Market Dynamics and Investor Behavior 

Additionally, on-chain data provides important clues for understanding investor behavior in the Bitcoin market. The Realized Price indicator, which measures the average cost basis of investors, sheds light on the overall market condition. Currently, the high cost basis of short-term whales indicates new capital inflows into the market. This proves that interest in Bitcoin persists and new players are taking positions despite high prices. On the other hand, the low cost basis of long-term whales shows that they are in profitable positions and contribute to market stability. These dynamics create an important foundation for Bitcoin’s future price movements. 

Furthermore, analysts view Bitcoin’s trajectory above $100,000 positively. Investtech notes that the upward trend continues in the short and medium term, though a reaction may occur at the $105,500 resistance level. On-chain data reflects new capital inflows and whales’ confidence in the market. 

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Saylor’s brief and powerful message was “Stay Humble. Stack Sats.”, fueling speculation that Strategy is preparing for another massive Bitcoin purchase.

Popular blockchain analyst RunnerXBT speculated that the upcoming investment might range between 1.4 to 1.6 billion dollars, nearly three times larger than the previous acquisition.

Strategy and Whales Are Stacking Bitcoin

According to data, Strategy is currently the world’s largest corporate holder of Bitcoin, owning over 538,200 BTC valued at more than 50.5 billion dollars.

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Meanwhile, Japanese investment firm Metaplanet has surpassed 5,000 BTC holdings, aiming to lead Bitcoin adoption in Asia.

Glassnode data shows that whale wallets holding at least 1 million dollars worth of BTC have increased from 124,000 on April 7 to over 137,600 on April 26. This aggressive accumulation helped Bitcoin recover above the 94,000$ mark.

Nexo analyst Iliya Kalchev highlighted that wallets holding over 10,000 BTC have been aggressively accumulating, with a trend score of 0.90.

Bitcoin ETFs Record 3 Billion Dollar Inflows

Another major factor supporting Bitcoin’s rally is the strong inflow into Bitcoin ETFs. U.S. spot Bitcoin ETFs recorded over 3 billion dollars in net inflows last week, marking the second-highest weekly inflow since their launch.

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Bitcoin Whales Continue to Accumulate

According to data from blockchain analytics platform Santiment, the number of Bitcoin wallets holding at least 100 BTC increased by 283 in August alone, bringing the total number of such wallets to 16,120. This increase suggests a growing trend among larger investors to accumulate Bitcoin, especially as retail investors sell their holdings.

Santiment’s data also shows a rise in “shark” wallets, which are wallets holding at least 10 BTC. The platform estimates that wallets holding between 10 and 10,000 BTC have accumulated a total of over 133,000 coins in the past 30 days, worth over $7.6 billion.

Whales Buy During Market Drops

Blockstream CEO and Hashcash inventor Adam Back observed that whales have been on a buying spree since Bitcoin’s price dropped from $62,000 to around $58,000 on August 28, buying around 450 BTC per day. This amount is equal to the number of Bitcoins mined per day, indicating significant accumulation by large investors.

Back highlighted this activity, saying, “Whales Back have been buying 450 BTC every minute of every day since the drop on the 28th. It’s the same as the daily mined Bitcoin. Go ahead and sell them cheap corn.”

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Santiment attributes the increased activity among whales to smaller traders who are likely selling their holdings due to market pressures and fears of further price declines. Crypto analyst Axel Adler Jr. of CryptoQuant speculated that these smaller traders may be feeling compelled to sell as Bitcoin’s price has fallen below entry points.

Adler noted that if the current trend continues, the number of traders willing to sell at a loss could increase and potentially double. The Crypto Fear & Greed Index, which measures market sentiment, was in the “Fear” range at 26 as of September 2, reflecting a predominantly cautious mood among investors throughout August.

Potential Positive Signs for the Market

Despite the prevailing fear in the market, some analysts see the increased whale activity as a potential positive indicator for Bitcoin’s future. Vivek Sen, founder of Bitgrow Lab, suggests that significant whale buying often precedes new all-time highs for Bitcoin. “The last time whales bought a lot, Bitcoin hit a new ATH,” he said.

Whale accumulation could represent a vote of confidence in Bitcoin’s long-term potential, and could indicate that larger investors are positioning themselves for future gains even as smaller investors exit the market.

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Whale Activity and Market Opinion

Shortly after several US local banks failed in April 2023, CryptoQuant observes that Bitcoin whales have been piling coins at the quickest pace on a 30-day moving average. “This suggests that the bottoming out of #BTC may be nearly complete” said cryptoQuant analyst Minkyu Woo in a recent post on X (previously Twitter).

Concurrent with this, smaller traders have been selling off their holdings during the current downturn, claims bitcoin analytics company Santiment. Over the first ten days of July, the company saw a net rise of 261 Bitcoin wallets carrying at least 10 Bitcoin, suggesting long-term positive attitude among certain traders. ” [This] should give traders comfort in a long-term bullish future,” Santiment said.

Dormant Whale Activity and Market Impact

Though whales are accumulating, not all of them want to hang their possessions. Whale Alert reports that a dormant Bitcoin whale, idle for 12 years, moved 1,000 Bitcoin valued about $60 million to two fresh wallets on July 14.

Down 8.1% over the last month, Bitcoin is trading at $62,752 now. The price drop has been ascribed to things like Mt. Gox getting ready to dump $8 billion to its creditors and the German government selling about 50,000 Bitcoin valued $3 billion.

Signs of Recovery and Market Events

But during the weekend, Bitcoin showed indications of recovery, surpassing the $60,000 barrier and rising 6% since Friday’s closing of trading hours. This sudden rise matched US presidential candidate Donald Trump’s survival of an assassination attempt at a July 13 event in Butler, Pennsylvania.

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The Biggest Bitcoin Whales Since February

As Bitcoin dropped from $71,650 on June 7 to roughly $69,000, daily intakes into Bitcoin Whale accounts ranged between 1,300 and 2,200 Bitcoin. Days later, the price dropped once further, and on June 11, a huge day with 20,600 bitcoins moving into whale accumulation addresses occurred. The information hasn’t yet been updated since June 12, when Bitcoin’s price momentarily surged following better-than-expected CPI numbers. At the time of writing, the price of Bitcoin is currently at $67,500.

Lowering Bitcoin Reserves: Strengthening the Market

Onchain intelligence platform Santiment reports that the increase in whale behavior matches the declining supply of Bitcoin on cryptocurrency exchanges to 942,000—its lowest level since December 22, 2021. Declining Bitcoin reserves usually point to a rising market where investors expect increasing price movement over the mid- to long-term.

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CoinGecko reports that Bitcoin is still down 8.45% from its all-time high price of $73,737 reached on March 13.

Comparative Patterns in Ethereum and Bitcoin Whale Activity

Ethereum whales were clearly active, just as Bitcoin whales were gathering. Based on Santiment data, industry researcher Ali Martinez claims that Ethereum whales have purchased approximately 240,000 ETH  valued at around $840 million at current pricing. But unlike Bitcoin, Santiment observed that the quantity of Ethereum on cryptocurrency exchanges has grown lately.

Santiment data shows that 17.98 million Ethers (valued at $63.1 billion) are presently kept on cryptocurrency exchanges. From $3,815 on June 7 to $3,510 at the time of writing, ether is down 8%.

These divergent tendencies in Bitcoin and Ethereum whale activity draw attention to the dynamic character of the cryptocurrency market, in which several assets might show diverse patterns of accumulation and distribution.

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