Bitcoin’s Biggest Holders Are Accumulating Again: What Are Whales Preparing For?

Bitcoin (BTC) has experienced a sharp pullback this week, briefly touching $76,000. Despite growing concern about a deeper price decline, whales and institutions are still accumulating the world’s largest crypto asset.

The number of Bitcoin wallets holding at least 100 BTC has risen to 20,229, according to new data shared by Santiment. This represents an 11.2% increase compared to the 18,191 wallets recorded at the same time last year.

Long-Term Bitcoin Confidence

Wallets holding this amount of Bitcoin currently contain roughly $7.7 million or more in BTC and are often linked to major investors, institutions, whales, and wealthy long-term holders.

Santiment explained that the steady rise in these large wallets continued throughout a year that witnessed strong market volatility and changing investor sentiment. The increase came during periods when many retail traders showed caution, fear, or frustration toward the market.

Historically, growing numbers of large Bitcoin wallets have been interpreted as a sign that influential investors remain confident in BTC’s long-term outlook, supply scarcity, and market position despite short-term uncertainty and price fluctuations.

Zooming in, as a result of the growing stress across the Bitcoin market, many experts believe that a quick V-shaped recovery may not materialize. CryptoQuant’s SOAB ratio surged above normal levels, which indicated large-scale capitulation from older holders. At the same time, short-term investors are also showing signs of panic selling.

The market is also witnessing a rise in fear and negative sentiment among retail traders on social media, according to a separate post by Santiment. Bearish comments about Bitcoin have now outnumbered bullish ones for the first time since April 21. Smaller traders appear to be reacting strongly to the recent weakness, and many expect the market to fall further from current levels.

Despite this bearish mood, the firm said crypto markets tend to move against the majority view, meaning the spike in bearish sentiment could actually improve the chances of a near-term rebound.

Regulatory Tailwind

Nexo research analyst Dessislava Ianeva believes the CLARITY Act’s progress through the Senate could become a major catalyst for Bitcoin’s next bull run. The bill recently advanced out of the Senate Banking Committee, increasing expectations for crypto regulation in the United States.