On-Chain Data Signals Bitcoin’s Strongest Holders Are Returning

Bitcoin’s largest investors are continuing to build their positions, with wallets holding 10,000 BTC or more reaching their highest count in six months.

Santiment’s latest data shows that 90 wallets now fall into the 10,000-BTC-plus category. The number has increased by six since roughly two months ago, a 7.1% rise in the group of so-called whale addresses.

The increase comes as larger Bitcoin holders continue a broader accumulation trend. Since July 29, wallets holding between 10 BTC and 10,000 BTC have added around $1.5 billion worth of BTC, according to Santiment.

The analytics firm previously pointed to the growing gap between large investors buying and smaller holders selling. That shift, it said, could make a move above $70,000 more likely than a decline through $60,000.

At the other end of the market, smaller “micro” wallets have been steadily reducing their holdings during August. Santiment said the contrasting behavior has emerged as investors digest recent sources of uncertainty, including the Coldcard hardware-wallet exploit, which led to approximately $120 million worth of Bitcoin being drained.

The ongoing delay of the U.S. Clarity Act has added to the uncertainty. The Senate has postponed further action on the proposed crypto market-structure legislation until September.

The latest data suggests that Bitcoin ownership is undergoing a supply rotation, with coins shifting from smaller holders toward larger investors often labeled the market’s “strong hands.”

Such accumulation by major holders has historically coincided with periods preceding large price movements. Santiment said the current trend could therefore strengthen the case for Bitcoin to eventually move higher.

BTC was trading around $63,800 at the time of writing. Whether the renewed accumulation becomes the foundation for a broader rally or proves to be a short-lived buying phase remains uncertain.

Still, the current on-chain picture is notable: the largest holders are becoming more active while smaller participants continue to reduce their Bitcoin exposure.