Bitcoin Wallets Consolidate Wealth Amid Market Volatility

Large Bitcoin wallets have hit a six-month high as smaller holders retreated. This shift is evident in the latest data from Santiment, which shows that there are now 90 wallets holding at least 10,000 BTC.

This number has risen by 6 wallets over the past 8 weeks, representing a 7% increase. Meanwhile, holdings among micro wallets have been falling in August due to retail FUD following the Coldcard hacks and delays surrounding the CLARITY Act.

Santiment attributed this supply movement toward stronger hands as a sign that the next major market fluctuation will likely be bullish. Bitcoin's next move could now depend on whether it can clear $65,400, which remains an important level after several failed attempts to break above it.