Bitcoin whale holdings have quietly climbed back to 7.17 million BTC for the first time since mid-March, marking a significant re-accumulation phase among the network’s largest investors. According to on-chain data from Santiment, published on June 17, wallets holding at least 1,000 BTC now collectively control 7.17 million coins, representing 35.82% of the circulating supply. This level was last seen on March 14, when Bitcoin was trading in a tight consolidation range before a sharp move.
The rise comes despite Bitcoin’s recent correction toward the $60,000 level. While retail sentiment weakened and smaller traders reduced exposure, whale wallets steadily added to their positions. Santiment identified 2,044 such addresses, a number that has not changed drastically, indicating that existing large holders expanded their stakes rather than a wave of new mega-wallets emerging.
This internal build-up often signals conviction, as seasoned investors use dips to accumulate. However, the metric does not distinguish between exchange cold wallets, ETF custodians, or individual deep-pocket investors. A surge in ETF custody holdings, for example, could be driven by retail demand, while exchange-held balances might be temporary. Still, the timing aligns with a period of sideways market grinding, where higher time-frame holder conviction appears to be firming.
The concentration of supply among just over two thousand addresses keeps Bitcoin’s price discovery highly sensitive to whale behavior. If these stakeholders decide to distribute during a liquidity spike, the market could face a swift supply overhang. Conversely, continued accumulation would likely tighten available float and support higher prices.
The development also unfolds against a backdrop of regulatory pressure: a landmark crypto bill is pending a Senate vote that could reshape custody rules and reporting obligations for large holders. This accumulation may be strategic positioning ahead of such catalysts. With nearly 36% of supply under the control of a small group, on-chain flows will be closely watched for any sign of an unwind.
