Bitcoin Whales Are Back: 104K BTC Added As $1M Transfers Surge

Overview

Recent data indicates that large Bitcoin holders, often referred to as whales, are significantly increasing their holdings despite market price fluctuations. This trend, highlighted by blockchain tracker Santiment, reveals a strategic accumulation by these major players, even as smaller retail investors appear to be offloading their assets.

Whale Accumulation and Market Dynamics

According to Santiment, wallets that hold at least 1,000 BTC collectively added 104,340 BTC in the weeks leading up to the report. This increase brings the total supply held by these large wallets to 7.17 million BTC, marking the highest level since September 2025. In addition to the whales, mid-sized holders, defined as those possessing between 10 and 10,000 BTC, also contributed to the accumulation, adding approximately $3.21 billion in Bitcoin between January 10 and January 19.

Conversely, smaller retail wallets have moved in the opposite direction, offloading about 132 BTC, which is valued at around $11.66 million. This contrasting behavior indicates a clear divergence in investment strategies between large holders and retail investors.

The increasing activity among whales is further evidenced by a rise in large transfers, specifically those amounting to $1 million or more, which have reached a two-month high. Such transfers are often associated with institutional and wealthy investors who are either moving their assets between custody solutions, exchanges, or private wallets. These movements can be driven by strategic decisions or a desire to secure holdings. Regardless of the motivation, the accumulation of Bitcoin by whales is reshaping the distribution of supply in the market.

Price Action and Market Signals

Despite this positive on-chain activity, Bitcoin’s price has not reflected the bullish sentiment that accumulation might suggest. Trading activity indicated that Bitcoin was around $87,730 at one point, with intraday price fluctuations between $86,500 and $87,500. Over a 24-hour period, the price has declined by approximately 0.5%, and it has seen a drop of about 5.4% over the previous week. However, trading volumes have increased, suggesting that some investors are beginning to engage with the market at these price levels.

The mixed signals indicate that while on-chain accumulation suggests a potential base is forming, external macroeconomic factors continue to create uncertainty in the market.

From author

The current landscape presents a complex scenario for Bitcoin investors. The accumulation by whales highlights a strategic approach to market positioning, potentially setting the stage for future price movements. However, the prevailing macroeconomic risks are likely to weigh on market sentiment, complicating the outlook for Bitcoin and other cryptocurrencies.

Impact on the crypto market

• The increase in accumulation by large Bitcoin holders may indicate a foundation for future price support.
• The contrasting behavior of retail investors offloading Bitcoin could lead to increased volatility in the market.
• Rising large transfers suggest that institutional interest remains strong, which could influence market dynamics in the long term.
• Ongoing geopolitical tensions and macroeconomic uncertainties may continue to affect market sentiment and risk appetite among investors.
• The overall market remains on edge, balancing on-chain strength against external pressures.