According to on-chain data, Bitcoin's largest holders are currently in the middle of a massive accumulation campaign.
According to blockchain analytics firm Santiment, the amount of Bitcoin held by "whale" addresses (wallets with over 1,000 BTC) has rebounded sharply to 7.17 million BTC.
This is the highest level since March 14, which indicates that there is a rather high level of conviction among BTC holders.
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The whale supply
The total supply locked in these whale addresses has recovered to the 7.17 million BTC mark.
This erases a multi-month drawdown where whales were steadily shedding inventory into smaller retail hands.
There are now exactly 2,044 distinct network addresses meeting this 1,000 BTC threshold.
This pool of addresses now controls nearly 36% of Bitcoin's entire available circulating supply.
Sophisticated investors tend to capitalize on discount pricing after the capitulation of speculative buyers.
A major Bitcoin correction
Recently, Bitcoin experienced a major correction. It plunged to support levels right at the $60,000 horizontal baseline.
Retail panic peaked and forced spot prices down toward the low $60,000s, the whales chose this exact window of deep illiquidity to heavily ramp up their spot exposure.
Whale balances conversely ticked sharply upward to form the right-hand peak during the consolidation phase.
A bullish sign?
Large-scale whale accumulation during multi-week price drawdowns could be seen as a highly bullish structural divergence.
Whales are notoriously patient accumulators. The fact that they have reclaimed their highest supply share in three months indicates that large entities view the low-$60,000 range as a deep value zone.
If macroeconomic conditions stabilize and spot ETFs finally recover, this whale-induced supply shock could be the launchpad for Bitcoin’s next macro leg upward.
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