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Wallets holding 100 to 1,000 BTC have added 113,950 BTC since July 15, lifting their combined holdings 2.22% to 5.24 million BTC, according to Santiment. Bitcoin briefly touched $87,000 before retracing and stabilizing near $84,000. The cohort continued buying through the recovery, suggesting the rally is not being carried by retail flow alone.
Why it matters
Santiment has tracked this wallet group for five years, and its accumulation has often aligned with stronger market moves. But the buying does not settle whether this rally marks a broad return of risk appetite. Trace Finance co-founder Bernardo Brites said the speed of the recovery was partly driven by a short squeeze. He also pointed to Bitcoin's advance through a rate hike, $100 oil and elevated yields as evidence that some investors may be treating it as a hedge against inflation, fiscal and geopolitical risk rather than a bet on easier monetary conditions.
Market impact
Bitcoin reclaimed its 365-day moving average near $80,500 and cleared a $76,000-$81,000 supply band. The next significant test is $88,000-$90,000, where a large concentration of coin supply could bring sellers into the market.
ETF inflows continuing alongside renewed stablecoin supply growth would strengthen the case for a firmer base under the rally. If ETF demand fades below $88,000, the move could be more vulnerable as leveraged positions unwind. CryptoQuant founder Ki Young Ju has also argued that this cycle is more likely to produce a 3-to-5x rally than a repeat of past 10x surges, citing a more mature market and greater institutional participation.
Frequently asked questions
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How much Bitcoin have 100-to-1,000 BTC wallets accumulated?
They added 113,950 BTC since July 15, increasing their combined holdings 2.22% to 5.24 million BTC, according to Santiment.
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Why is the $88,000-$90,000 range a key test for Bitcoin?
A large concentration of Bitcoin supply sits in that range, which could bring sellers into the market as prices approach it.
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What suggests Bitcoin's recovery may not reflect broad risk appetite?
Trace Finance co-founder Bernardo Brites said a short squeeze partly drove the recovery and suggested some investors may view Bitcoin as a hedge against macro risks.
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What would strengthen the base under Bitcoin's rally?
Continued ETF inflows alongside renewed stablecoin supply growth would strengthen the case for a firmer base under the rally.
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What could leave the rally vulnerable below $88,000?
Fading ETF demand below $88,000 could make the move more vulnerable if leveraged positions unwind.
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