Rising Whale Activity Signals a Shift in Bitcoin Market Pressure

New onchain figures from Santiment point to a noticeable change in how different groups of Bitcoin holders are behaving amid the latest wave of volatility.

Since November 11, wallets controlling 100 ВТС or more have been rising in number, hinting at renewed accumulation from large investors. In contrast, the group of small holders – particularly those with up to 0.1 ВТС – has been steadily shrinking, a pattern often associated with retail capitulation.

Santiment reports that an additional 91 large wallets have emerged since November 11. Although the increase amounts to roughly 0.47%, it stands out because it comes at a time when the market has been under strong downward pressure. Periods in which smaller investors sell into weakness while large holders expand their positions have often aligned with longer-term market bottoms.

The retreat among small wallets continues to deepen. Addresses holding 0.1 ВТС or less have been declining throughout the downturn, reflecting the rise in fear indicators across the market. Santiment notes that phases of aggressive retail selling tend to set the foundation for eventual price recoveries once the pressure on the market fades.

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A recent Santiment chart illustrates the ongoing divergence. The blue filled curve, which tracks the number of wallets holding at least 100 ВТС, has sharply reversed upward after an earlier drop. A separate annotation highlights the addition of 91 such wallets since November 11. Meanwhile, Bitcoin’s price kept sliding through most of the month, forming a familiar pattern in which whales accumulate during periods of weakness. Historically, moments like these have often preceded broader trend reversals.

As things stand, sustained whale accumulation could help calm price movements and support a medium-term rebound if the trend persists. Most smaller investors, however, continue to exit positions as fear dominates retail sentiment, leaving larger players to quietly widen their exposure.