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Wallets holding between 10 and 10,000 Bitcoin have added 56,227 BTC to their positions since mid-December even as smaller retail investors reduced exposure, Santiment data shows, creating a supply divergence that analysts view as a bullish structural indicator.
Santiment defines whales and sharks as wallets holding between 10 and 10,000 BTC, a cohort historically responsible for driving medium term price trends. Retail traders, by contrast, typically hold less than 0.01 BTC and are more reactive to short term price fluctuations.
“Crypto markets typically follow the path of key whale and shark stakeholders and move in the opposite direction of small retail wallets,” Santiment said in a market update published Monday on its official analytics platform.
Since mid December, this cohort has accumulated exactly 56,227 BTC, according to Santiment’s verified onchain data. Analysts at the firm described the accumulation phase as the moment Bitcoin established a local bottom after weeks of sideways trading.
“This marked crypto’s local bottom. And even though markets stayed relatively flat, the bullish divergence from their accumulation was bound to produce at least a minor breakout,” — Santiment, Onchain Analytics Platform.
The Bitcoin accumulation trend is significant because it occurred during a period of low volatility, suggesting conviction rather than speculative momentum. Historically, similar accumulation phases have preceded sustained price advances once broader sentiment shifts.
Over the past 24 hours, Santiment observed a notable shift among retail traders, with small wallets beginning to take profits amid expectations of a bull trap or temporary rally. Analysts say this behavior has further strengthened the Bitcoin accumulation signal.
“Things have gotten even better because retail traders are now taking profit with the expectation that we are in a bull trap or fool’s rally,” Santiment noted.
This divergence matters because Bitcoin accumulation typically exerts upward pressure when selling pressure from retail traders is absorbed by larger holders. The result is a gradual reduction in liquid supply available on exchanges, increasing the probability of upward price movement.
Santiment concluded that, based on these dynamics, “we have a higher probability than usual to continue to see market cap growth throughout crypto.”
The observation aligns with broader onchain indicators tracked through Santiment’s supply distribution metrics, which show declining balances among smaller wallets alongside steady growth in large holder balances.
Bitcoin has traded within a tight range between approximately $87,000 and $94,000 for nearly six weeks, according to price data from TradingView’s BTCUSD chart. The asset touched a seven week high near $94,800 in late Monday trading before pulling back modestly.
Market analyst James Check said the recent price action masks a deeper structural shift driven by Bitcoin accumulation beneath the surface.
“Bitcoin has kicked off 2026 with a rally to $94,000, but the real story is the massive supply redistribution happening under the hood,” — James Check, Onchain Analyst.
Check noted that top heavy supply has rebalanced sharply, profit taking has declined significantly, and futures markets have experienced a short squeeze without a corresponding rise in overall leverage. These factors, he said, suggest healthier market conditions than previous rallies fueled by excessive borrowing.
The sustained Bitcoin accumulation trend has also coincided with declining exchange balances, as tracked by Glassnode’s Bitcoin exchange balance data, reinforcing the view that long term holders are positioning for higher prices rather than short term exits.
Market participants broadly describe the current environment as a bullish consolidation phase rather than a speculative surge. Analysts say this backdrop favors continued Bitcoin accumulation by institutions and high net worth investors.
“Bitcoin remains in a bullish consolidation phase,” said Andri Fauzan Adziima, research lead at Bitrue. “Key upside resistance lies between $95,000 and $100,000, while immediate support sits in the $88,000 to $90,000 range.”
Adziima added that options market data shows heavy interest around the $100,000 strike for January expiries, suggesting traders are positioning for upside while acknowledging near term volatility.
As Bitcoin accumulation continues to concentrate supply among larger holders, analysts say the market is increasingly sensitive to demand shocks. A sustained break above resistance could force sidelined capital back into the market, amplifying price movement.
For now, onchain data suggests that Bitcoin accumulation remains the dominant structural force shaping market direction, with whales continuing to absorb supply as retail traders step aside.
