Bitcoin Whale Wallets Accumulate $9.6 Billion in 10 Weeks

The accumulation of Bitcoin by large wallet groups has been significant over the past ten weeks. According to analytics firm Santiment, wallets with holdings between 100 and 1,000 BTC have added 113,950 BTC worth $9.6 billion since July 15. This represents a 2.2% increase in their combined balance, bringing it to around 5.2 million BTC valued at approximately $440 billion.

The same group has generally tracked Bitcoin's price movements more accurately than any other wallet tier over the past five years. The accumulation continued as Bitcoin moved higher, with its price rising from around $58,500 at the end of June to above $85,000 on September 21.

However, it is essential to note that a Bitcoin wallet does not necessarily belong to one individual investor. One investor can spread holdings across several addresses, while a single address can hold Bitcoin on behalf of thousands of customers. This means that transfers between wallets belonging to the same fund or custodian can increase the balance of this wallet group without representing new purchases.