Bitcoin whales are growing | Source: CCN / Veronica Cestari
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Key Takeaways
Bitcoin whale wallets are rising again.
Large Bitcoin holders have been declining for months.
Analysts say defending the $80,000–$83,000 region is crucial.
The number of Bitcoin whales holding at least 100 BTC is beginning to rise again after slipping to the lowest level in more than two years, according to new on-chain data.
However, market analysts caution that early signs of bullish momentum may not be a reliable indicator of a clear rebound for Bitcoin’s price.
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Fresh data from Santiment shows renewed growth among wallets holding at least 100 Bitcoin.
Since Nov. 11, the number of these mid-sized whales has increased by 0.47%, adding 91 such wallets.
Bitcoin’s whales are growing. | Source: Santiment
Santiment analysts said that while small wallets, particularly those holding 0.1 BTC or less, continue to contract, larger entities have started re-entering the market following Bitcoin’s early-November decline.
The firm added that retail capitulation typically precedes more favourable long-term price performance.
“Retail capitulation will generally play out well for crypto prices in the long run,” Santiment wrote on X.
Earlier Decline
The uptick follows several months of contraction among Bitcoin’s largest holders.
Wallets controlling over 1,000 BTC have been shrinking steadily, a trend that deepened as Bitcoin slipped below $90,000 last week.
Citi researchers estimated that roughly $1 billion in weekly spot inflows are typically required to lift Bitcoin by about 4%.
Number of wallets holding more than 1,000 Bitcoin has steadily fallen. | Source: Citi Research, Coin Metrics, Bloomberg
The bank said that weaker demand in recent weeks has drained the liquidity normally needed to stabilize prices.
Analysts noted that falling whale balances do not necessarily imply aggressive selling, but they do point to a reduction in the influence of Bitcoin’s biggest players.
Bitfinex researchers also reported that wallets with more than 10,000 BTC trimmed about 1.5% of their holdings in October.
Bitcoin Price Under Pressure
At the time of reporting, Bitcoin was trading at around $87,300, down nearly 5% over the past week.
According to CCN analyst Victor Olanrewaju, short-term holders have been “capitulating at an unusually aggressive pace,” pushing binary CDD (Coin Days Destroyed) metrics higher.
He said the rapid exit of weak hands, combined with steady buying activity in lower accumulation zones, may signal an early transition into.
Olanrewaju said Bitcoin’s ability to defend the $80,000–$83,000 realised-demand region will be critical in preventing another breakdown.
“However, rising buying pressure could invalidate this bearish setup,” he wrote.
Adding: “In that scenario, BTC may reclaim momentum, break above the resistance line, and potentially climb toward $91,326.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
