Bitcoin’s biggest holders have continued to accumulate even as smaller investors cut exposure following the Coldcard theft and a delay in U.S. crypto legislation, according to on-chain data from Santiment.
The blockchain analytics firm said wallets holding at least 10,000 BTC climbed to 90, the highest level in roughly six months. Over the past eight weeks, that cohort increased by six wallets, a 7.1% rise.
Largest Bitcoin wallets moved higher
Santiment said the trend extends a broader wave of accumulation. Since July 29, wallets holding between 10 BTC and 10,000 BTC have collectively added Bitcoin worth $1.5 billion.
Based on that shift, Santiment analysts said the current setup makes a move above $70,000 more likely than a break below the $60,000 level, as larger holders absorb supply that retail investors have been selling.
Retail-sized wallets have been shrinking since August
The picture looks different for smaller participants. Santiment said holdings in so-called micro wallets have continued to contract since the start of August.
The firm tied that retreat to two recent sources of uncertainty. One was a security flaw involving Coldcard that resulted in the theft of about $120 million in Bitcoin. The other was the U.S. Senate’s decision to postpone consideration of the crypto market structure bill known as the CLARITY Act until September.
A transfer of supply from weak hands to strong hands
The report framed the shift as a classic transfer of supply: retail investors sold into fear and uncertainty, while larger and more committed holders took the other side.
Drawing on its own model, Santiment said the latest redistribution of holdings appears to be building momentum for the next major market move. At the time of writing, Bitcoin was trading near $64,200.
Whether this latest wave of whale accumulation becomes the start of a broader rally or remains a temporary phase during consolidation is still unclear. What the on-chain data does show, though, is that some of the market’s deepest-pocketed participants are still adding while retail traders step back.