Key facts
- The number of Bitcoin wallets holding 10,000 BTC or more has increased to 90, the highest in six months.
- Wallets with 10 to 10,000 BTC have added $1.5 billion in Bitcoin since July 29.
- Smaller wallets have been decreasing in number, attributed to security fears and regulatory delays.
- This concentration of Bitcoin among large holders has historically preceded significant price movements.
Bitcoin's largest holders, often referred to as 'strong hands,' are increasing their positions, according to on-chain data from analytics firm Santiment. The number of wallets holding at least 10,000 BTC has reached 90, a six-month high, with six new such wallets added in the past eight weeks. This accumulation trend is also evident in wallets holding between 10 and 10,000 BTC, which have collectively added approximately $1.5 billion in Bitcoin since July 29.
Concurrently, smaller 'micro' wallets have been shrinking throughout August. Santiment attributes this divergence to recent uncertainties, including a Coldcard hardware wallet exploit that drained about $120 million and continued delays to the U.S. crypto market-structure bill. This rotation of coins from smaller holders to larger investors is seen as a classic supply shift.
Historically, such a concentration of assets among major holders has preceded significant price movements. Santiment suggests that the current trend increases the likelihood of Bitcoin breaking above $70,000 rather than falling below $60,000. While the long-term implications of this renewed whale accumulation are yet to be determined, the data indicates increased activity from major players while smaller traders step back.