Bitcoin's 'strongest hands' are back, on-chain data show

MarketsBitcoin's 'strongest hands' are back, on-chain data showElite wallets holding over 10,000 BTC has hit a six-month high of 90, building on earlier accumulation by mid-sized whales amid Coldcard fallout and Clarity Act delays. By Omkar Godbole11 min ago2 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowThe number of bitcoin wallets holding at least 10,000 BTC has risen to 90, a six-month high, signaling renewed accumulation by large investors.Since July 29, wallets holding between 10 and 10,000 BTC have added about $1.5 billion in bitcoin, while smaller “micro” wallets have been shrinking amid security fears and regulatory delays.Analysts at Santiment say this rotation of coins from smaller holders to so-called strong hands has historically preceded major price moves and now tilts the odds toward an upside break above $70,000.Bitcoin’s BTC$65,175.61 elite holders are quietly loading up again.The number of wallets holding at least 10,000 BTC has climbed back to 90, a six-month high, according to analytics firm Santiment. Over the past eight weeks alone, the count of these “whale” wallets has risen by six, a 7.1% increase.The move builds on a broader accumulation trend first flagged four days ago. Since July 29, wallets in the 10–10,000 BTC range (whales and sharks) have accumulated BTC worth $1.5 billion. Santiment noted at the time that the pattern of larger players accumulating while smaller holders sell raised the odds of a move above $70,000 versus a drop below $60,000.Meanwhile, “micro” wallets have been steadily shrinking throughout August. Santiment links this divergence to two recent catalysts of uncertainty and doubt: The Coldcard hardware-wallet exploit, which drained roughly $120 million worth of bitcoin, and continued delays to the U.S. Clarity Act, the long-awaited crypto market-structure bill that the Senate has now pushed to September.These trends point to a classic sup…

Bitcoin's 'strongest hands' are back, on-chain data show

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