Whales Return to the Market as Smaller Wallets Sell
Bitcoin's largest wallets have reached a six-month high, with 90 addresses holding over 10,000 BTC. According to Santiment, this marks a 7.1% increase in the past eight weeks and a net gain of six wallets.
The number of micro wallets has been declining as retail traders sell amid concerns about security and regulatory uncertainty. In contrast, the biggest whales are buying, with 10,000 BTC wallets accumulating a net 46,420 BTC on August 9, their highest since March 15.
CryptoQuant data shows that while smaller wallets are selling, the largest holders are positioning for a bullish next move in Bitcoin. Analysts at Santiment believe this could signal an upcoming price increase, but Crypto analyst Amr Taha cautions that cohort data alone is not enough to determine price direction.