Bitcoin’s largest stakeholders have been steadily strengthening their market position, with blockchain analytics firm Santiment revealing that wallets containing between 10 and 10,000 BTC have added 218,570 BTC to their holdings since late March. This accumulation push has elevated their collective control to over 68% of Bitcoin’s total circulating supply.
The whale buying activity unfolds as Bitcoin trades around $118,000, with market observers suggesting that future price movements will likely stem from institutional capital rather than retail-driven speculation. This patient accumulation strategy appears to be reshaping the cryptocurrency’s ownership landscape in fundamental ways.
Institutional Capital Takes the Lead
Santiment’s July 31 analysis on X revealed that approximately 0.9% of Bitcoin’s supply has shifted into whale wallets over the past four months, highlighting a sustained accumulation pattern. This movement reflects a broader structural change in Bitcoin ownership, with institutional entities gradually replacing early adopters in what Swan, a BTC financial services provider, describes as “the largest holder rotation in Bitcoin’s history.”
#Bitcoin Whales Seize 68% of Supply After Adding 218,570 BTC pic.twitter.com/hfxckITQbm
— Insider News (@ElectricNews3) July 31, 2025
The resilience of this new ownership structure faced a significant test recently when a Satoshi-era whale liquidated roughly 80,000 BTC valued at more than $9 billion. Despite the massive sell-off temporarily driving prices from $119,000 down to approximately $115,000, the market absorbed the supply shock with relatively minor disruption. Swan interpreted this stability as evidence of Bitcoin’s growing “maturity” and market resilience.
Industry analysts increasingly view this ownership transition as laying groundwork for a more stable, institutionally-driven bull market that could prove less susceptible to dramatic euphoric surges and sudden crashes that characterized previous cycles.
Current Market Dynamics
Bitcoin currently maintains its position at $118,700, showing minimal movement over the past 24 hours with just a 0.4% gain. The weekly performance mirrors this sideways action, registering only a 0.8% increase over seven days. However, the 30-day timeframe presents a healthier picture with an 11% climb, though key resistance remains firmly established above the $120,000 level.
The current trading range between $115,000 and $119,500 represents what many consider healthy consolidation territory. CryptoQuant’s recent analysis suggests that recent market “overheating” has been considerably more subdued compared to previous cycles, indicating that any potential near-term corrections might be both shallow and brief.
A recent Glassnode assessment highlighted critical technical levels, warning that a breakdown below $115,000 could expose a liquidity gap extending down to $110,000. Conversely, a decisive break above $125,000 could potentially fuel a rally toward $141,000.
Whale investors appear comfortable continuing their accumulation during this consolidation period. Their persistent buying behavior, combined with the ongoing transfer of Bitcoin from early holders to institutional players, suggests a maturing market that may be positioning for its next significant upward movement.
Implications for Market Sentiment
The concentration of Bitcoin supply among large holders could create reduced selling pressure in the near term, though it may also limit upside volatility that retail traders often seek. This institutional dominance suggests a more measured market environment where dramatic price swings become increasingly rare.
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