Whales Accumulate 81K BTC in Bitcoin During Retail Sell-Off

Bitcoin whales are quietly acquiring assets while retail traders are selling off, indicating rising confidence among long-term holders.

On-chain data from Santiment, shared in a post on X on May 7, reveals that wallets holding between 10 and 10,000 Bitcoin (BTC) have collectively added more than 81,000 BTC over the past six weeks. This group’s holdings, typically indicative of long-term trends, grew by 0.61%. In contrast, smaller wallets holding less than 0.1 BTC liquidated 290 BTC during the same period.

This shift in holdings tells a familiar story. When smaller investors sell amid uncertainty and larger players buy, it often signals strong market support. Such discreet accumulation phases frequently precede significant price movements.

Currently, Bitcoin is up 2.4% in the last 24 hours, trading at $96,733. The recent surge in inflows into exchange-traded funds could be contributing to the positive market sentiment. Santiment notes that since mid-April, Bitcoin ETFs have experienced inflows surpassing $5.1 billion. As the market anticipates its next major move, prices have been supported by consistent purchasing from these funds.

Corporate investors are also increasing their Bitcoin holdings. Analysts at brokerage firm Bernstein forecast that corporate Bitcoin purchases could reach $330 billion by 2029, according to a Yahoo Finance report from May 5. The largest public holder, Strategy, could account for as much as $124 billion of this total.

Additionally, a new crypto-friendly initiative from the U.S., backed by Trump’s pro-crypto administration, contributes to the bullish outlook. New Hampshire has become the first state to allow public investment in digital assets like Bitcoin. A law signed on May 6 could potentially establish a precedent for other states, facilitating greater government adoption.

Since hitting lows in early April, Bitcoin has surged by about 30%, remaining resilient against concerns regarding interest rates and trade disputes. The tightening of the Bollinger Bands on the Bitcoin chart—a technical indicator often suggesting imminent significant movements—indicates the cryptocurrency may be on the verge of another breakout.

The ascent to $100,000 seems more plausible with large holders increasing their acquisitions, ETFs investing billions, and pro-crypto legislation gaining traction.