Bitcoin wallets holding between 10 and 10,000 BTC have reached 20,338, an all-time high, according to on-chain analytics firm Santiment. The count has climbed sharply since mid-July amid volatile price swings.
Santiment noted that this cohort of deep-pocketed investors has historically moved closely with Bitcoin's future price direction. The firm views the continued growth in large holders as a sign of confidence, with these investors holding through periods of weakness. "Persistent growth among Bitcoin's most influential wallets creates a healthier setup for future upside if accumulation continues," the firm said. However, it cautioned that the price could still move lower in the short term.
Short Positioning and ETF Outflows
Other market signals point in the opposite direction. Bitcoin funding rates on Binance have turned negative at -0.0073%, indicating that most traders now hold short positions. This marks the first time funding fell below zero since June, when Bitcoin traded near $62,000.
US spot Bitcoin ETFs have also seen outflows. Between October 1 and 14, the funds recorded approximately $539.8 million in net outflows, including $261.5 million on October 14 alone. This contrasts with inflows of $3.52 billion in August and $2.65 billion in September.
The shift toward shorts came after stronger-than-expected inflation data increased expectations of a potential rate hike. Bitcoin slipped below $80,000 on October 15 following the producer inflation report.
Price Levels and Market Setup
Bitcoin has recovered some recent losses, trading at $82,034, up 1.49% over the past day. Analysts have identified key technical levels: $80,000 and $74,000 represent critical support zones, while $88,000 marks resistance. The $80,000 level holds the largest bid block on Binance's spot order book.
Whether large holders continue accumulating at lower prices will provide further insight into the market's direction. Crowded bearish positioning has historically preceded reversals, though some have proven short-lived.
