The total balance of Bitcoin wallets holding 10 to 10,000 BTC rose by around 89,000 BTC in a month, reaching a six-month high, while Santiment viewed the continued accumulation amid price uncertainty as a positive sign for the market.
According to data shared by on-chain analytics platform Santiment on October 19, this group of wallets accumulated around 88,987 BTC since September 19. Their total balance rose to more than 13.69 million BTC, reaching its highest level since April.
What stands out about the data is that accumulation continued during price fluctuations. The amount of Bitcoin held by this group, which includes large investors, increased even as uncertainty persisted on the price front.
Why is whale accumulation being watched?
Santiment says that the movements of wallets holding 10–10,000 BTC have historically closely aligned with major Bitcoin price trends. The platform’s positive assessment is based on this group increasing its positions in a volatile market.
According to the analysis, continued accumulation could help create a supportive foundation for a rise in Bitcoin’s price. Given Bitcoin’s influence on the overall direction of the market, the continuation of this trend also matters for confidence in other cryptocurrencies.
How does this differ from other whale data?
An analysis published earlier in the day that said buyers were weakening in Bitcoin looked at different wallet sizes over 60-day periods. This time, the measure is the total balance of wallets holding between 10 and 10,000 BTC over roughly one month.
Therefore, the positive signal comes from accumulation by this specific group; the largest wallets holding more than 10,000 BTC are not included in this measure. The point to watch in the coming period will be whether this group maintains its accumulation as price fluctuations continue.
Not investment advice.