Bitcoin’s largest holders are stepping up accumulation, with the number of wallets holding 10,000 BTC or more reaching a six-month high.
According to Santiment, 90 wallets now hold at least 10,000 BTC, up by six addresses over the past eight weeks. That represents a 7.1% increase and marks the highest level for this group in six months.
The renewed activity among the biggest holders comes on top of a broader accumulation trend. Since July 29, wallets containing between 10 BTC and 10,000 BTC have accumulated roughly $1.5 billion worth of Bitcoin, according to Santiment.
The analytics firm previously said the contrast between buying by larger holders and selling by smaller investors could favor a Bitcoin move above $70,000 rather than a decline below $60,000.
Smaller “micro” wallets have continued reducing their Bitcoin balances throughout August. Santiment said the divergence has emerged amid heightened uncertainty following the Coldcard hardware-wallet exploit, which resulted in around $120 million in Bitcoin losses, as well as continued delays surrounding the U.S. Clarity Act.
The Senate has pushed consideration of the long-awaited crypto market-structure legislation to September, adding another source of uncertainty for the market.
The ownership data points to a familiar supply shift: Bitcoin is gradually moving from smaller participants toward larger holders, often described as the market’s “strong hands.”
Historically, increased concentration among major holders has sometimes preceded significant Bitcoin price moves. Santiment said the current accumulation pattern could therefore increase the likelihood of an eventual move higher.
Bitcoin was trading near $63,800 at the time of writing. Whether the latest whale buying signals the start of a broader recovery or simply represents a temporary accumulation phase remains uncertain.
For now, however, on-chain activity shows a clear split in behavior. The largest holders are becoming more active, while smaller investors appear to be stepping away from the market.
