According to on-chain data, Bitcoin’s largest holders are currently in the middle of a massive accumulation campaign.
According to blockchain analytics firm Santiment, the amount of Bitcoin held by “whale” addresses (wallets with over 1,000 $BTC) has rebounded sharply to 7.17 million $BTC.
This is the highest level since March 14, which indicates that there is a rather high level of conviction among $BTC holders.
The whale supply
The total supply locked in these whale addresses has recovered to the 7.17 million $BTC mark.
This erases a multi-month drawdown where whales were steadily shedding inventory into smaller retail hands.
There are now exactly 2,044 distinct network addresses meeting this 1,000 $BTC threshold.
This pool of addresses now controls nearly 36% of Bitcoin’s entire available circulating supply.
Sophisticated investors tend to capitalize on discount pricing after the capitulation of speculative buyers.
A major Bitcoin correction
Recently, Bitcoin experienced a major correction. It plunged to support levels right at the $60,000 horizontal baseline.
Retail panic peaked and forced spot prices down toward the low $60,000s, the whales chose this exact window of deep illiquidity to heavily ramp up their spot exposure.
Whale balances conversely ticked sharply upward to form the right-hand peak during the consolidation phase.
A bullish sign?
Large-scale whale accumulation during multi-week price drawdowns could be seen as a highly bullish structural divergence.
Whales are notoriously patient accumulators. The fact that they have reclaimed their highest supply share in three months indicates that large entities view the low-$60,000 range as a deep value zone.
If macroeconomic conditions stabilize and spot ETFs finally recover, this whale-induced supply shock could be the launchpad for Bitcoin’s next macro leg upward.