On-chain data reveals that the number of Bitcoin sharks and whales has increased over the past three months, even as the price has trended downward overall.
In a recent post on X, the analytics firm Santiment highlighted the latest trend in Bitcoin’s Supply Distribution for these large holders. The “Supply Distribution” indicator tracks, among other things, the number of wallets holding a specific range of coins. For this analysis, the focus is on addresses holding 100 or more BTC—a threshold equivalent to about $6.9 million at current prices. Investors in this category, known as sharks and whales, typically have significant capital and can influence the market, making their behavior noteworthy.
The chart shared by Santiment shows that the Supply Distribution for these large Bitcoin holders has risen notably in recent months. Since December 19th, the combined number of shark and whale addresses has increased by 753, a jump of 3.9% over three months. Interestingly, this growth occurred while Bitcoin’s spot price was in a downtrend, suggesting that more major investors entered the network rather than retreating during the market decline.
Santiment noted, “This is just one of many bullish divergences showing in our on-chain data currently while short-term prices continue their volatility.”
On a yearly scale, the indicator is also up significantly, with 2,148 more addresses (a 12% increase) compared to March 19th, 2025. During that period, Bitcoin experienced a bull run, presenting a profitable exit opportunity for large investors, yet many appear to have held their positions.
Meanwhile, Bitcoin’s price has dipped below $70,000 following a recent pullback.
Frequently Asked Questions
FAQs Bitcoin Shark Whale Wallets Increasing Despite Price Decline
Beginner Questions
What are shark and whale wallets
Shark Wallets Typically hold between 100 and 1000 BTC They are significant but not marketdominating
Whale Wallets Hold 1000 BTC or more These entities have enough Bitcoin to potentially move the market with large trades
Why does the number of these wallets matter
Its a key metric of investor sentiment An increase suggests that large often sophisticated investors are accumulating Bitcoin even when prices are falling This can be seen as a sign of longterm confidence
If the price is going down why would big investors buy more
Large investors often use price declines as buying opportunities a strategy called accumulation They believe the longterm value of Bitcoin will be higher so they buy assets when others are fearful and prices are lower
Is this a sure sign the price will go up soon
Not necessarily While its a strong bullish signal it doesnt guarantee an immediate price reversal Market sentiment macroeconomic factors and regulatory news also play major roles It indicates confidence not a precise timing tool
How can I check this data for myself
You can look at blockchain analytics platforms like Glassnode IntoTheBlock or CryptoQuant They track and report on wallet balances and holder distribution
Advanced Strategic Questions
Whats the difference between accumulation and just wallets being created for custodyExchange purposes
This is a critical distinction A pure increase in wallet count could be from exchanges creating new cold wallets for security True accumulation is confirmed by analyzing net flows into these wallets from other sources not just the total number
Could this be a sign of institutional adoption
Yes absolutely The growth in whaletier holdings is often linked to corporate treasuries ETFs and large funds entering the market which is a form of institutional adoption
What are the risks of reading too much into this metric
Wallet Fragmentation A single entity can control thousands of wallets making the count look higher than the number of actual decisionmakers