Whale Wallets Amass Record-Breaking $9.6 Billion in BTC Holdings

Bitcoin whales have been accumulating large amounts of Bitcoin over the past ten weeks. According to analytics firm Santiment, wallets holding between 100 and 1,000 BTC have added 113,950 BTC worth $9.6 billion since July 15.

The accumulation has brought the combined balance of this group to roughly 5.2 million BTC, valued at around $440 billion. This wallet group has generally tracked Bitcoin's price movements more accurately than any other tier over the past five years.

Despite this, there is a limitation when interpreting these figures: a single investor can spread holdings across multiple addresses, or one address can hold Bitcoin on behalf of thousands of customers. The 100-to-1,000 BTC category includes private buyers, exchange cold wallets, custodians, OTC trading desks, and funds storing Bitcoin.

Transfers between wallets belonging to the same fund or custodian can increase this group's balance without representing new purchases. Meanwhile, spot Bitcoin ETFs recorded significant inflows during the period, with about $1.7 billion in two-day total inflows on September 21 and 22.