Crypto analytics firm Santiment reports that large Bitcoin holders now control the smallest portion of BTC supply since late May, when Bitcoin briefly topped $100,000. Wallets holding between 10 and 10,000 BTC — often labeled whales and sharks — have fallen to about 68.04% of the total supply, a nine-month low.
Santiment said roughly 81,068 BTC was sold over the past eight days, a wave of distribution that came as Bitcoin slid from roughly $90,000 to about $65,000 — a decline of about 27%. At the time Santiment published its update, Bitcoin was trading near $64,792, having recovered from a 24-hour low just above $60,000.
Observers follow large-holder behavior to gauge whether major holders are accumulating or unloading. In this episode, heavy selling by big wallets has been balanced by aggressive buying from retail addresses. Santiment warned that the combination of institutional or large-holder distribution alongside retail accumulation has historically been associated with bear cycles.
Echoing the cautious mood, CryptoQuant CEO Ki Young Ju wrote that “every Bitcoin analyst is now bearish.” The Crypto Fear & Greed Index tumbled to 9 out of 100 — its weakest reading since mid-2022 after the Terra collapse.
At the same time, smaller addresses are increasing their share. So-called “shrimp” wallets, defined by Santiment as addresses holding less than 0.1 BTC, have risen to a 20-month high not seen since June 2024 (when Bitcoin traded near $66,000). That cohort now holds about 0.249% of the supply, roughly 52,290 BTC.
Over the last 12 months Bitcoin is down about 29.62%. The current mix of large-holder selling, retail accumulation and elevated market fear has traders and analysts closely monitoring price action and on-chain flows for signs of where the next phase of the cycle may lead.