Headline: On-chain data shows more Bitcoin sharks and whales are accumulating even as price drifts lower
On-chain analytics firm Santiment reports that the number of Bitcoin “sharks and whales” — wallets holding 100+ BTC — has risen over the past three months despite an overall downtrend in price.
What the metric means
Santiment’s “Supply Distribution” indicator tracks how many addresses hold coins within specified ranges. The cohort of interest here is the 100+ BTC group (no upper bound), which at current exchange rates represents holdings worth roughly $6.9 million or more. Holders at this scale can exert outsized influence on market supply and sentiment, so shifts in their numbers are closely watched.
The data
- From December 19 to mid‑March, the combined count of 100+ BTC addresses increased by 753 wallets — a 3.9% rise over three months.
- On an annual basis the cohort is up 2,148 addresses, or about 12%, versus March 19, 2025 — a period that included last year’s bull run when large holders had chances to sell but largely remained onboard.
Why it matters
The increase in large holders has occurred while Bitcoin’s spot price trended down; in other words, rather than exiting positions during the pullback, more large investors joined the network. Santiment calls this “one of many bullish divergences showing in our on‑chain data currently while short‑term prices continue their volatility.”
Market context
Bitcoin recently slipped below the $70,000 level following the latest pullback. The uptick in 100+ BTC addresses suggests continued accumulation by deep-pocketed holders, a dynamic traders will likely monitor for signs of longer-term conviction beneath volatile price moves.
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