Bitcoin's largest tracked holders have added nearly 89,000 BTC in one month, pushing their combined holdings to a six-month high even measures of spot demand weaken.

Santiment Intelligence reported that wallets holding 10 to 10,000 BTC accumulated approximately 88,987 BTC since September 19, according to an X post from the analytics firm. The cohort's combined balance now stands above 13.69 million BTC, its highest level since April.

Data from CryptoQuant, however, shows weakening spot demand and uneven accumulation across larger holder groups. Wallets holding 100 to 1,000 BTC have continued to buy, while holders above 10,000 BTC recorded negative net changes. The divergence is notable because blockchain cohort data is one of the main public tools for tracking how large holders behave, and it is widely used to gauge whether price moves are backed by genuine accumulation.

Whale Holdings Reach 13.69 Million BTC

According to Santiment, wallets holding between 10 and 10,000 BTC now collectively control more than 13.69 million BTC, following aggressive accumulation during recent price volatility. The firm said this group's holdings have historically tracked Bitcoin's major price trends.

Santiment noted that the latest increase stands in contrast to ongoing uncertainty in Bitcoin's market price, although the firm cautioned that accumulation alone does not guarantee further gains.

CryptoQuant's analysis also identified continued accumulation among some holders. Wallets holding 100 to 1,000 BTC remained net accumulators over 60 days, although their activity stayed below its late-September peak.

Exchange Reserves Rise as Spot Demand Weakens

CryptoQuant reported that Bitcoin exchange reserves increased from approximately 2.67 million BTC in early October to around 2.68 million BTC. Reserves remain low compared with January, but the recent uptick shows supply on exchanges is no longer consistently declining.

Reserve levels are watched closely because coins held on exchanges are generally considered the most readily available for sale, so a sustained rise can be read as growing potential sell-side supply. Rising reserves do not necessarily indicate selling, however. CryptoQuant noted that transfers can reflect custody changes rather than plans to sell Bitcoin.

Spot demand has also weakened in recent weeks. The 30-day demand measure approached zero before turning negative again, while demand from perpetual futures remained positive. That split matters because futures demand reflects leveraged positioning, whereas spot demand tracks purchases of actual coins — a distinction CryptoQuant reinforced by separating this measure from its Apparent Demand metric, whose values are not directly comparable.

Large Holder Activity Remains Uneven

According to CryptoQuant's Quicktake analysis, net holdings declines among wallets holding 1,000 to 10,000 BTC narrowed toward zero. However, the group holding more than 10,000 BTC remained negative, showing accumulation has not spread across all large holders.

The analysis identified sustained positive spot demand, absorption of returning exchange supply, and broader holder accumulation as conditions for a durable recovery. It also noted that expectations around U.S. midterm elections and monetary policy must translate into actual buying.

Taken together, the updated readings show rising whale balances alongside higher exchange reserves and weakening spot demand across Bitcoin's largest holder groups. Whether the 30-day spot demand measure turns positive again, whether exchange reserves resume their decline, and whether wallets above 10,000 BTC rejoin net accumulation will indicate whether the buildup at the six-month high broadens into the recovery CryptoQuant describes or stays concentrated in parts of the holder base.