Bitcoin’s Strongest Holders Return as On-Chain Signals Turn Bullish

Bitcoin’s largest holders are showing renewed signs of accumulation, with the number of wallets containing at least 10,000 BTC reaching a six-month high.

According to blockchain analytics firm Santiment, the number of wallets holding 10,000 BTC or more has climbed to 90. That figure has increased by six over the past eight weeks, representing a 7.1% rise.

The latest increase extends a broader accumulation trend identified earlier this month. Since July 29, wallets holding between 10 BTC and 10,000 BTC — a group that includes whales and sharks — have collectively added approximately $1.5 billion worth of Bitcoin.

Santiment previously said the divergence between larger investors accumulating BTC and smaller holders selling could favor a move above $70,000 rather than a decline below $60,000.

At the same time, smaller “micro” wallets have continued to reduce their Bitcoin holdings throughout August. Santiment attributed the contrasting behavior partly to two sources of recent market uncertainty: the Coldcard hardware-wallet exploit, which resulted in roughly $120 million worth of Bitcoin being drained, and ongoing delays surrounding the U.S. Clarity Act, a long-awaited crypto market-structure bill that the Senate has now pushed back to September.

The data suggests that Bitcoin supply is gradually moving away from smaller holders and toward larger investors, often referred to as the market’s “strong hands.”

Historically, periods of increasing concentration among major Bitcoin holders have sometimes occurred ahead of significant price movements. Santiment said the latest shift therefore increases the possibility that Bitcoin’s next major move could be upward.

Bitcoin was trading around $63,800 at the time of writing. It remains unclear whether the latest whale accumulation represents the beginning of a broader recovery or simply a temporary pause in the market’s recent trend.

Still, the on-chain picture shows a notable change in investor behavior: large holders are becoming increasingly active while smaller traders appear to be reducing their exposure.