Bitcoin's largest holders are increasing their positions while smaller retail investors remain largely inactive, creating a divergence in market behavior.
Bitcoin recently climbed above $87,400 before testing the $83,000 range and surging past $85,000. During this period, wallets holding between 10 and 10,000 BTC added 41,025 units over the past 10 days, reaching a total balance of 13.64 million BTC, equivalent to approximately 67.93% of Bitcoin's total supply. According to blockchain analytics platform Santiment, these whale and shark wallets are now at their highest holdings since the market rally in mid-August.
In contrast, wallets holding less than 0.01 BTC have remained mostly unchanged during the same period. Santiment noted that historically, stronger market conditions have appeared when larger holders accumulate while smaller traders sell, though the current pattern is not a guaranteed signal for Bitcoin's price movement.
Bitcoin's cost basis has shifted favorably. The True Market Mean currently stands at $76,897, meaning the typical holder is back in profit. This development could reduce selling pressure from investors looking to exit at break-even prices.
Institutional demand remains active. US-listed spot Bitcoin ETFs attracted $2.4 billion in inflows last week. This week began at a slower pace, with $31 million in inflows on Monday and $66 million on Tuesday. Corporate buyers have also continued activity, with one company purchasing 1,665 BTC at an average price of $85,681 over the past week, and another company spending $94.5 million on 1,107 BTC at an average price of $85,400.
