While Bitcoin’s price has barely budged over the past month, hovering around the $106,500 mark, behind the scenes, something more telling is unfolding: the whales are back.
The number of Bitcoin wallets holding 10 BTC or more just hit a 3.5-month high, according to on-chain data from Santiment.
As of June 27, 152,280 wallets now fall into this “whale and shark” category, each holding over $1 million in BTC. It’s the highest count since March 12, and it’s happening despite the sideways action in price.
“As markets have been volatile, smart money has accumulated on most retail panic sell cycles,” Santiment noted in its report.
Bitcoin whale and shark purchases
It’s worth highlighting that a pattern where large holders accumulate as smaller investors exit, is not new, but it is telling. While retail investors grow weary during consolidation phases, institutions and high-net-worth players often treat them as accumulation windows.
Bitcoin is up more than 70% over the past year but has traded relatively flat in the short term: down 1.12% on the day, up just 1.28% over the past week, and slightly negative on the month. That’s precisely the type of lull where professional money quietly builds positions, often anticipating the next major leg up.
So should everyday investors follow the whales?
Historically, spikes in whale wallet counts have preceded significant moves in Bitcoin’s price. It’s not a guarantee, but it’s often an indicator that confidence remains high among long-term holders, especially in a backdrop of ETF inflows, macroeconomic easing, and growing global adoption.
With retail interest cooling, the smart money appears to be positioning ahead of the crowd, again.
