Large Bitcoin holders now control the smallest share of BTC supply since late May, when Bitcoin briefly reclaimed $100,000, according to crypto sentiment platform Santiment. Santiment said whale and shark wallets holding between 10 and 10,000 BTC fell to about 68.04% of the total supply, a nine-month low.
The platform noted a dump of roughly 81,068 BTC over the past eight days, coinciding with Bitcoin’s drop from around $90,000 to about $65,000 — a roughly 27% decline. At the time of reporting, Bitcoin traded near $64,792, up from a 24-hour low just above $60,000.
Market watchers track large-holder activity to read accumulation or distribution signals. The recent selling among big wallets has been matched by aggressive accumulation from retail investors. Santiment highlighted that this mix — key stakeholders offloading while retail buys — historically helps create bear cycles.
CryptoQuant CEO Ki Young Ju posted that “every Bitcoin analyst is now bearish.” Supporting that sentiment, the Crypto Fear & Greed Index fell to 9 out of 100, its lowest reading since mid-2022 following the Terra collapse.
“Shrimp wallets,” defined by Santiment as addresses holding less than 0.1 BTC, have climbed to a 20-month high not seen since June 2024 (when Bitcoin traded near $66,000). That cohort now holds about 0.249% of Bitcoin’s supply, roughly 52,290 BTC. Over the past 12 months, Bitcoin is down about 29.62%.
The dynamics of large-holder selling and retail buying, elevated fear readings, and broad analyst bearishness have market participants watching closely for where the cycle may head next.
