Bitcoin Elite Wallets Reach Six-Month High Amid Falling NVT Ratio

Bitcoin's elite wallet count has reached a six-month high, with 90 wallets now holding at least 10,000 BTC. According to Santiment analytics, this represents a 7.1% increase in the number of wallets holding large amounts of Bitcoin over the past eight weeks.

The concentration of larger holders among Bitcoin's circulating supply is becoming more pronounced, with micro-wallet holdings declining during August. This shift in supply distribution favors stronger hands ahead of potential price fluctuations.

Rising whale representation supports an accumulation interpretation, but it's essential to note that concentration alone does not guarantee higher prices. Technical confirmation is still needed for the supply shift to support a sustained bullish advance.

Another positive indicator is the falling Network Value to Transaction (NVT) ratio, which has decreased by 32.11% to 26.9998. This reduction in NVT indicates that transaction value has strengthened relative to the network's overall valuation, complementing the growing presence of elite wallets.