Whales Accumulate Bitcoin Amidst Weakening Market Indicators

Bitcoin's largest holders are quietly increasing their share of the cryptocurrency's supply, according to data from Santiment. The number of mega-whale wallets holding over 10,000 BTC has reached a six-month high of 89, with these addresses adding six new wallets or 7.1% over the last eight weeks.

The rise in whale accumulation comes as smaller holders are losing share, with micro wallet holdings decreasing over August due to factors such as the Coldcard hacks and delays around the CLARITY Act.

Santiment noted that 'smaller holders are losing share, while the largest wallets are gaining presence again. Supply is rotating toward stronger hands before the next major market fluctuation, and this usually increases the likelihood of that fluctuation being a bullish one.'