Bitcoin's 'strongest hands' are back, on-chain data show

Bitcoin’s $BTC$64,080.96 elite holders are quietly loading up again.

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.

Meanwhile, “micro” wallets have been steadily shrinking throughout August. Santiment links this divergence to two recent catalysts of uncertainty and doubt: The Coldcard hardware-wallet exploit, which drained roughly $120 million worth of bitcoin, and continued delays to the U.S. Clarity Act, the long-awaited crypto market-structure bill that the Senate has now pushed to September.

These trends point to a classic supply rotation, with coins shifting from smaller holders into the wallets of the largest investors, the so-called “strong hands.”

Historically, this kind of concentration among big holders has often preceded major price moves, and, as per Santiment, the latest rotation raises the odds that the next big price move could be to the upside.

Bitcoin was trading near $63,800 as of this writing. Whether the renewed whale accumulation marks the early stages of a recovery or simply a temporary pause remains to be seen. But the on-chain clearly shows the biggest players are getting more active while everyday traders are stepping back.