LONDON, September 25 — Large Bitcoin holders accumulated 113,950 BTC, worth roughly $9.6 billion, over a 10-week span, according to on-chain metrics from blockchain analytics firm Santiment. The buying came from wallets holding between 100 and 1,000 BTC, and it coincided with a sharp price rise that has taken Bitcoin to approximately $85,000 recently — up roughly 44% since late June. The mechanics here are straightforward.
Whale buying absorbed liquid supply, and market observers describe the result as a robust foundation for the cryptocurrency to trade near $84,000.
Whales bought, retail sold
The whale activity has diverged sharply from retail behavior. According to data from Sanbase, smaller accounts holding less than 100 BTC historically sold into fear during mid-year market consolidations, while addresses in the 100–1,000 BTC cohort bought the dips aggressively. That institutional and high-net-worth absorption has kept the broader market structure highly bullish.
Macroeconomic factors have played a central role in the buying wave. According to KuCoin, large buyers are increasingly viewing Bitcoin as a hedge against rising geopolitical risks and sticky inflation, driving macro portfolio reallocation.
The rally has been further accelerated by substantial liquidity from U.S. spot Bitcoin ETFs, alongside a massive short squeeze that forced derivatives traders to unwind bearish bets.
The catch
Risks remain. Whale accumulation is a historically reliable leading indicator of upward price momentum, but the cryptocurrency market remains highly volatile, and sudden macroeconomic policy changes can lead to sharp drawdowns. The current rally has been fueled by a combination of on-chain accumulation, ETF inflows, and derivatives positioning — a mix that can reverse quickly if macro conditions shift.
Watch whether the whale cohort keeps buying at these levels. If it does, the accumulation signal holds; if it stalls, the foundation described by market observers gets tested fast.
