On-chain data reveals that Bitcoin’s largest holders have ramped up their accumulation, marking a notable shift in market behavior. According to figures released by blockchain analytics firm Santiment, wallets holding over 1,000 BTC now collectively own 7.17 million BTC—a level not seen since March 14. This resurgence suggests major investors are actively buying back into BTC after a recent period of distribution.
Strong recovery among whale wallets
The number of addresses controlling more than 1,000 BTC has risen to 2,044. Collectively, these wallets now account for around 36% of Bitcoin’s total circulating supply. Earlier in the year, large holders had steadily reduced their balances, distributing coins to smaller investors. However, recent data indicates this trend has reversed, with big players reaccumulating their positions.
Glossary: Santiment is a data platform specializing in on-chain analytics, tracking wallet movements and market behavior for crypto assets. On-chain data refers to metrics that monitor transactions directly via blockchain records.
The rise in total BTC held by wallets with over 1,000 BTC to 7.17 million demonstrates that major investors turned to accumulation during the latest price dips.
This accumulation phase erased several months of selling by so-called “whale” wallets. Market observers closely watch whale behavior, as their return to buying during downturns offers key structural signals for future trends.
| Indicator | Data |
|---|---|
| Whale threshold | Over 1,000 BTC |
| Total whale balance | 7.17 million BTC |
| Number of addresses | 2,044 |
| Circulating supply share | Approximately 36% |
Buying activity surges near $60,000 zone
Bitcoin recently faced a sharp correction, with its price sliding toward the key support zone around $60,000. As small investors reacted with panic selling during this decline, spot prices dipped just above $60,000. The data reveals that whale wallets significantly increased their purchases during this phase of declining liquidity.
As the market entered a consolidation phase, the rapid rebound in whale balances stood out, highlighting a divergence between price movement and large investor behavior. Accumulation by whales during multi-week retracements is increasingly being interpreted by some participants as a structurally positive signal for the crypto market.
The return of large wallets to their highest supply share in three months indicates the lower and mid-$60,000 range is viewed as a long-term value area.
Spotlight on macro conditions and ETF demand
The data once again underscores that large investors tend to act more patiently in the face of short-term volatility. Their willingness to increase positions during sharp pullbacks has potential implications for the overall supply dynamics of the Bitcoin market.
If macroeconomic conditions stabilize further and demand for spot Bitcoin ETFs continues to recover, analysts suggest the supply now held in major wallets could create scarcity in the market. This scenario is seen as one of the key factors shaping Bitcoin’s prospects for its next large-scale rally.
