On-chain analytics firm Santiment says large Bitcoin holders — the so-called “sharks and whales” — have become more numerous over the past three months, even as BTC’s price trended downward.
In a post on X, Santiment highlighted gains in the Bitcoin Supply Distribution for the 100+ BTC cohort (the indicator that counts how many addresses hold a given range of coins). At today’s exchange rate, 100 BTC is roughly $6.9 million, so this group represents seriously capitalized investors.
Key figures:
- Since December 19, the number of 100+ BTC addresses has risen by 753, a 3.9% increase over three months.
- On a yearly basis, the cohort is up 2,148 addresses, or about 12%, versus March 19, 2025.
The uptick came while Bitcoin’s spot price was sliding — BTC recently dropped below $70,000 — suggesting that larger holders were accumulating or remaining invested through the pullback rather than exiting positions. Santiment called the trend “one of many bullish divergences showing in our on-chain data currently while short-term prices continue their volatility.”
Why it matters: investors holding 100+ BTC can move markets or signal broader sentiment among deep-pocketed participants. A rising count in this band is often interpreted as institutional or high-net-worth accumulation, which can be a supportive indicator amid price volatility.
We’ll continue to watch whether this increase in large-address participation translates into sustained price support or signals positioning ahead of the next major market move.
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