TL;DR
- Bitcoin’s largest wallet cohorts have resumed accumulation, adding more than 41,000 BTC in 10 days while smaller retail wallets remain largely unchanged.
- The shift comes after BTC climbed above 87,400.
- Institutional demand also remains active, with U.S. spot Bitcoin ETFs attracting $2.4 billion last week and corporate treasuries continuing to add BTC.
Bitcoin whales are stepping back into accumulation mode as retail participation remains muted, creating a notable split in holder behavior. Bitcoin recently climbed above $87,400 before retreating toward $83,000 and recovering above $85,000, leaving the market in a tighter range after a strong quarterly advance. On-chain data suggests larger holders are using the consolidation to rebuild exposure rather than chasing price.
🚨 Bitcoin’s Key Stakeholders Accumulate 41K BTC as Retail Holds Flat
🐳 Bitcoin’s key stakeholder tier is accumulating again. Wallets holding 10-10K BTC added 41,025 BTC in just 10 days, lifting their balance to 13.64M BTC, or 67.93% of the entire supply.
📈 These whales and… pic.twitter.com/pCPar1TgSE
— Santiment Intelligence (@SantimentData) September 29, 2026
Bitcoin Whales Resume Buying
According to Santiment, wallets holding between 10 and 10,000 BTC added 41,025 BTC during the latest 10-day period. Their combined balance reached 13.64 million BTC, representing roughly 67.93% of Bitcoin’s total supply. Santiment also reported that wallets holding less than 0.01 BTC showed little change over the same period. The data does not identify individual owners, and exchange or custody structures can affect wallet-based measurements, but the divergence remains relevant for tracking demand.
This accumulation follows another notable trend. Wallets holding 100 to 1,000 BTC added 113,950 BTC between July 15 and September 23, bringing that cohort to about 5.24 million BTC.
Institutional Demand Adds Support
ETF flows provide a separate measure of demand. U.S. spot Bitcoin ETFs attracted $2.4 billion during the week ending September 25, their strongest weekly inflow since October 2025. The surge pushed 2026 net flows back into positive territory, while BlackRock’s IBIT accounted for about $1.2 billion of the weekly total. The seven-session inflow streak also reached roughly $3 billion.
Corporate treasuries are reinforcing that demand. Strategy purchased 1,665 BTC for about $142.7 million at an average price of $85,681, taking its holdings to 847,666 BTC. Strive separately acquired 1,107 BTC for $94.5 million, lifting its balance to 27,462 BTC. These purchases show that demand is coming from multiple channels rather than relying exclusively on speculative retail activity.
For Bitcoin, the key signal is whether whale accumulation persists while ETF inflows remain positive. A continued imbalance between large buyers and inactive smaller wallets could indicate that long-term holders are positioning during consolidation, potentially tightening available supply if coins move into longer-term custody.
