Bitcoin’s largest holders have turned active buyers again. On-chain data tracked by analytics firm Santiment indicates that wallets holding between 10 and 10,000 BTC accumulated over 30,000 BTC across the last 48 hours, reinforcing a trend of steady whale demand since late March. Decrypt, citing Santiment’s latest breakdown, notes that these cohorts added roughly 0.9% of circulating supply over four months, with the most recent two-day burst standing out against choppy spot price action.
The renewed accumulation comes amid mixed signals in the broader market. Earlier reports highlighted aggressive profit-taking by “new whales” after Bitcoin failed to hold above the $120,000 region—what on-chain researchers called the third major distribution wave of the current cycle. That bout of realized profits, estimated in the $6–$8 billion range in late July, aligned with prior local tops, according to CryptoQuant data covered by Cointelegraph.
Why 30,000 BTC in two days matters
- Size and speed. A 30,000-BTC net add (tens of billions of baht; roughly $3.4B–$3.6B depending on execution) in 48 hours is large enough to register against exchange order books and derivatives positioning, even if spread across multiple wallets and venues. The same Santiment data set also frames this move within a multi-month accumulation that has already reduced free float pressure.
- Who are “whales”? Methodologies vary, but the referenced cohort (10–10,000 BTC) captures high-net-worth wallets, trading firms, and some corporate or fund treasuries—not just a single buyer. That breadth makes the signal harder to spoof than one off-exchange transfer.
- Counter-trend buying. The two-day add follows weeks of volatility that saw sharp rotations and realized profits. Seeing whales step in after distribution suggests buy-the-dip behavior, typical of late-cycle but still constructive regimes.
How this squares with recent profit-taking
At first glance, “whales selling” and “whales buying” look contradictory. They aren’t. Cohorts are fluid: new whales(addresses that became large holders during the run-up) often realize gains near local highs, while entrenched or opportunistic whales absorb supply during pullbacks. July’s tape showed that sequence—distribution near $120k, then fresh accumulation as prices retreated and funding normalized.
Santiment’s mid-July wrap also pointed to earlier bursts of whale demand (e.g., ~95,000 BTC accumulated into weakness), reinforcing the pattern of staggered, not continuous, large-holder buying. That context helps explain why spot prices can chop even as supply migrates to stronger hands.
What to watch next (three on-chain and market checks)
- Exchange balances: If the 30,000 BTC accumulation coincides with declining exchange reserves, spot sell-side pressure typically eases. Conversely, rising reserves after accumulation may indicate short-term distribution or hedging. (Santiment and similar dashboards track this.)
- ETF net flows: Since spot ETFs became a dominant flow conduit in 2024, daily creations/redemptions often amplify or dampen whale activity. Sustained net inflows would validate the buy-the-dip narrative; outflows could cap rallies. (Multiple market desks now pair ETF flow prints with on-chain cohorts to map supply/demand.)
- Derivatives positioning: Neutral to positive funding with contained basis suggests room for spot-led grind higher. Over-euphoric funding after a quick bounce raises the risk of long squeezes, even if the medium-term accumulation story stays intact. (Analyst updates accompanying Santiment/CryptoQuant notes frequently highlight this interplay.)
Risks to the accumulation thesis
- Overhang from prior sellers. Cointelegraph’s reporting on the third profit-taking wave implies that a slice of supply remains sensitive to macro headlines and liquidity. Any renewed bid weakness could invite further distribution from “new whales.”
- Macro catalysts. U.S. rate expectations and dollar strength continue to steer crypto beta. If risk assets wobble, whale bids can step aside temporarily, letting price test lower supports before re-engaging. (This dynamic has repeated throughout the cycle.)
- Whale heterogeneity. Not all large holders are “patient capital.” Some are funds running basis trades or multi-asset books; their BTC adds can be hedged in futures, muting the directional signal.
Bottom line
The headline is clear: whales added 30,000 BTC in 48 hours, extending a four-month accumulation trend that now accounts for roughly 0.9% of circulating supply shifting into large wallets, per Santiment. That doesn’t guarantee a straight-line rally—recent profit-taking proves overhead supply exists—but it does tilt the medium-term balance toward tighter float and stronger hands, especially if ETF flows stay supportive and exchange balances drift lower. For traders, the near-term cue is to track whether this burst of demand is followed by spot withdrawals and steady funding, or whether it quickly fades into derivatives-led chop.