Blockchain analytics firm Santiment reports that Bitcoin whales have accumulated 218,570 BTC since late March 2025. Wallets holding between 10 and 10,000 BTC now control 68.44% of Bitcoin's total supply, marking a significant consolidation of ownership among institutional players and high-net-worth investors.
The accumulation aligns with historical patterns preceding bull cycles, as reduced exchange liquidity from whale holdings typically increases price stability and upward momentum. Concurrently, retail participation has declined, with addresses holding less than 10 BTC decreasing by 37,465 during the same period.
Santiment analysts indicate this strategic positioning may reflect anticipation of Bitcoin's halving effects, institutional ETF inflows, and Bitcoin's role as a macroeconomic hedge. While signaling strong long-term confidence, the concentration raises centralization concerns and potential volatility risks if whales execute coordinated sell-offs.