Bitcoin's largest wallets added tens of thousands of coins over the past ten days even as retail holders stayed flat, according to blockchain analytics platform Santiment. The divergence comes as bitcoin holds near $85,000 after pulling back from last week's highs, and as one research firm says the bear market may have already ended.
Wallets holding between 10 and 10,000 BTC added 41,025 units over the past ten days, according to Santiment. Their combined balance has reached 13.64 million BTC, equal to about 67.93% of bitcoin's total supply — the highest level these whale and shark wallets have held since the mid-August rally.
Whale accumulation returns
Smaller holders show a different pattern. Wallets holding less than 0.01 BTC have remained mostly unchanged over the same period, Santiment said. The firm noted that stronger market conditions have historically appeared when larger holders accumulate while smaller traders sell, but added that the current pattern is not a guaranteed signal for bitcoin's price. Market watchers will likely focus on whether large holders keep adding bitcoin and whether retail investors start reducing their positions.
Bitcoin holds near $85,000 after a stalled rally
Bitcoin climbed above $87,400 last week, but the rally has since lost momentum. The asset then tested the $83,000 range before surging past the upper boundary of its weekly range at $85,000. The whale accumulation is unfolding against this backdrop of stalled price action.
Research firm sees the bear market as over
Adding to the bullish picture, BIT Research said bitcoin's bear market may have already ended. The firm identified the cycle low in late July, after the asset held above $62,900 and showed signs of weakening downside momentum. Since then, bitcoin has reclaimed its 21-week moving average at $69,272 and moved above its March 2024 high of $73,084.
The report also highlighted bitcoin's cost basis. The True Market Mean currently stands at $76,897, meaning the typical holder is back in profit, which could reduce selling pressure from investors looking to exit at break-even. The firm expects an upside range of $185,000 to $215,000 in its bullish scenario.
Source: CryptoPotato
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