- Bitcoin wallets holding at least 10,000 BTC climbed to 89, a six-month high, as whales accumulated during the recent pullback.
- Wallets with 10,000–100,000 BTC increased their share of supply to 11.35% from 11.24% since late June.
- Despite whale accumulation, ETF outflows and weak on-chain activity send conflicting signals about a sustained recovery.
- Technical traders target $70,000 as the next major breakout level for Bitcoin.
Bitcoin hovered near $64,000 on Wednesday morning, and data from analytics platform Santiment shows its largest holders are quietly increasing their supply share during the pullback. The number of mega-whale wallets holding at least 10,000 BTC rose to a six-month high of 89, with the cohort adding six wallets, or 7.1%, over the last eight weeks, according to Santiment.
Smaller holders are losing share while the largest wallets gain presence again, Santiment noted, adding that supply is rotating toward stronger hands ahead of the next major fluctuation. “This usually increases the likelihood of that fluctuation being a bullish one,” the platform said on X.
Meanwhile, wallets holding between 10,000 and 100,000 BTC now represent about 11.35% of Bitcoin’s circulating supply, up from roughly 11.24% in late June. The 100,000 to 1 million BTC cohort also grew its share, indicating that whale cohorts are ramping up exposure even as retail adoption appears to wane.
However, other market indicators remain less constructive. Spot Bitcoin ETFs saw net outflows on Monday, ending a run of inflows, and data from Glassnode shows active addresses, transfer volume, and fee generation are at the lower end of recent ranges. On-chain profitability improved only marginally, with realized losses still outpacing realized profits.
Technical traders are now watching for a breakout above a descending trendline. Crypto trader Heisenberg said on X that bulls should aim for a move toward $70,000 first before targeting prior all-time highs — “baby steps,” he wrote, posting a chart of BTC pressing against resistance. On Stocktwits, retail sentiment improved to ‘neutral’ from ‘bearish,’ with normal chatter levels over the past day.
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