Bitcoin Mega-Whale Wallets Surge To 6-Month High As Big Buyers Hold $64K Support

As Bitcoin ETF outflows and poor on-chain activity continue, Santiment data showed whale accumulation is on the rise.

• Bitcoin wallets holding over 10,000 BTC hit a six-month high of 89, according to Santiment data.
• Wallets with 10,000-100,000 BTC share of supply went up to 11.35% from 11.24%.
• Bitcoin bulls now target $70,000 as the next major breakout level.

As Bitcoin (BTC) hovered near $64,000 on Wednesday morning, BTC’s biggest holders were quietly increasing their share of the cryptocurrency’s supply, suggesting some whales may be taking advantage of the latest pullback to accumulate. 
Santiment data showed on Wednesday that the number of mega-whale wallets holding 10,000 BTC or more climbed to a six-month high of 89. The analytics platform said the cohort added six wallets, or 7.1%, over the last eight weeks.

The rise follows a drop in activity from smaller holders. According to Santiment, micro wallet holdings have decreased over August, with the Coldcard hacks and delays around the CLARITY Act adding to fear, uncertainty, and doubt among retail traders.

“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.” Santiment said on X.