Bitcoin's 'Strongest Hands' Return as Whale Wallets Hit Six-Month High, On-Chain Data Show

The number of Bitcoin wallets holding at least 10,000 BTC — each worth roughly $638 million or more at current prices — has climbed to 90, reaching a six-month high and signaling renewed accumulation by large investors, according to analytics firm Santiment.

Over the past eight weeks, the count of these elite "whale" wallets has increased by six, representing a 7.1% rise. This build-up extends a broader accumulation trend first flagged by Santiment several days ago. Since July 29, wallets in the 10–10,000 BTC range — categorized by Santiment as whales and sharks — have added approximately $1.5 billion worth of Bitcoin. On-chain whale activity is closely watched by crypto analysts because large-intentity movements are publicly visible on Bitcoin's open ledger and have often served as a proxy for institutional sentiment.

At the time, Santiment noted that the pattern of larger players accumulating while smaller holders sell raised the probability of a move above $70,000 versus a drop below $60,000.

Conversely, "micro" wallets have been steadily shrinking throughout August. Santiment attributes this divergence to two recent sources of uncertainty: the Coldcard hardware-wallet exploit, which drained roughly $120 million worth of Bitcoin and renewed concerns about self-custody security, and continued delays to the U.S. Clarity Act, the long-awaited crypto market-structure bill intended to establish clearer federal rules for digital assets that the Senate has now pushed to September.

Together, these movements point to a classic supply rotation, with coins shifting from smaller holders into the wallets of the largest investors — the so-called "strong hands." Santiment observed that this type of concentration among big holders has historically preceded major price moves, and the latest rotation raises the odds that the next significant move could be to the upside.

Bitcoin was trading near $63,800 at the time of writing, having spent much of the past several weeks in a range between roughly $60,000 and $66,000. Whether the renewed whale accumulation marks the early stages of a sustained recovery or a temporary pause remains uncertain. However, on-chain data clearly indicate that the biggest players are growing more active while smaller traders continue to step back. Market participants are also watching for the rescheduled Senate action on the Clarity Act in September, which could influence broader regulatory sentiment across digital assets.

Source: CoinDesk