Bitcoin whales accumulate 88,987 BTC amid price stagnation

Large Bitcoin holders, often referred to as ‘whales’ and ‘sharks,’ have significantly increased their holdings despite price stagnation. According to on-chain analysis firm Santiment, wallets containing between 10,000 and 10,000 BTC acquired an additional 88,987 BTC over a one-month period starting September 19. This brings their total combined holdings to over 13.69 million BTC, the highest level since April.

These large wallets now control approximately 68.14% of the total Bitcoin circulating supply. In contrast, micro-wallets holding less than 0.01 BTC account for only about 0.25% of the supply. While the number of wallets in the 10,000 to 10,000 BTC range reached a record high of 20,338 on September 15, the price of Bitcoin has remained relatively flat in the $80,000 range.

Santiment notes that while increased accumulation by major holders has historically correlated with major price trends, it does not guarantee an immediate price surge. The continued accumulation suggests that core investors are expanding their market exposure rather than reducing it, even amidst ongoing price volatility.