Bitcoin's 'strongest hands' are back, on-chain data show
On-chain data indicates that large Bitcoin holders, known as 'whales,' are accumulating significant amounts of the cryptocurrency while smaller retail investors sell. Analysts suggest this supply rotation often precedes major price movements, potentially signaling a bullish trend.
Why it matters
Understanding whale behavior provides insight into market sentiment and potential price volatility for institutional and retail investors.
The number of wallets holding at least 10,000 BTC has climbed back to 90, a six-month high, according to analytics firm Santiment. Over the past eight weeks alone, the count of these “whale” wallets has risen by six, a 7.1% increase.
The move builds on a broader accumulation trend first flagged four days ago. Since July 29, wallets in the 10–10,000 BTC range (whales and sharks) have accumulated BTC worth $1.5 billion. Santiment noted at the time that the pattern of larger players accumulating while smaller holders sell raised the odds of a move above $70,000 versus a drop below $60,000.
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