Large invesors resume BTC accumulation after January selloff

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Bitcoin whales resume accumulation

Highlights

Bitcoin whales holding 10–10,000 BTC have resumed accumulating coins, signaling a potential bullish shift.
BTC trades near $71,500, with large wallets controlling over two-thirds of the supply.
Analysts expect Bitcoin to move within a $68,000–$74,500 range in the coming days.

According to their data, addresses holding between 10 and 10,000 BTC have returned to accumulating coins in recent weeks. This group of investors is considered one of the most influential, as such wallets control a significant share of Bitcoin’s supply and often shape mid-term price trends.

Whale activity and market behavior

The shift toward accumulation followed a period of selling observed in mid-January. At that time, some large players were taking profits during the price rally. Now the situation appears to be changing, with major addresses gradually increasing their balances.

“Their recent shift to accumulation is a bullish signal” Santiment said in its report.

At the time of publication, BTC was trading at $71,507, up 0.4% from the previous day. While price movement has remained relatively stable in recent days, the distribution of coins across wallets continues to evolve.

Bitcoin price dynamics. Source: TradingView

Santiment estimates that wallets holding between 10 and 10,000 BTC control more than two-thirds of the cryptocurrency’s total supply. As a result, any change in their strategy can have a noticeable impact on price dynamics.

At the same time, analysts point to the opposite trend among smaller investors. “Ideally, we want to see small wallets (retail) drop while this group rises, signaling a transfer of coins from weak hands to strong hands.

Retail traders, however, continue to buy the dips. Similar patterns have appeared in previous market cycles and did not always mean the market had already reached its bottom.

“Historically, markets tend to bottom when the "crowd" loses hope. The persistence of retail optimism is currently the biggest argument against a confirmed bottom,” the report states.

Why whale behavior matters

The activity of large Bitcoin holders has long been viewed as a key indicator of sentiment in the crypto market. When major wallets accumulate during periods of uncertainty, it often reflects long-term expectations of growth.

Against the backdrop of geopolitical tensions, market dynamics look particularly notable. Over the past five weeks, the S&P 500 index has declined about 2.2%, while Bitcoin has gained roughly 2.4% and gold has risen around 3.7%. Such divergence suggests that cryptocurrencies can sometimes move independently of equity markets.

Another long-term indicator is the rising number of addresses holding a non-zero BTC balance. That figure has now approached 59 million, marking a record high for the Bitcoin network. Growth in the number of holders is often interpreted as a sign of sustained long-term interest in the asset.

At the same time, Bitcoin continues to face technical resistance below $72,000. Analysts say BTC could trade within a typical volatility range of $68,000–$74,500 in the coming days as the market searches for its next catalyst.

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