The number of bitcoin whales has updated a four-month high

The number of large bitcoin holders BTC $91,097.03 Mezo Wrapped BTC 2.11% Market capitalization $46.63 million VOL. 24 hours $2.99 billion has reached a four-month high, with 1,384 wallets with a balance of more than 1,000 BTC. At the same time, the number of small investors holding no more than 1 BTC has dropped to a yearly low of 977,420 addresses. Such dynamics are indicative of a classic market scenario: experienced investors increase their positions during downturns, while retail participants exit the market.

According to Glassnode, the number of large wallets grew by 2.2% over the past three weeks, from 1,354 to 1,384. This is the highest figure since July, indicating renewed confidence among institutional and wealthy investors despite the volatility of the crypto market. Meanwhile, the number of small wallets fell from 980,577 to 977,420, the lowest level of retail investor participation in the past 12 months.

The changes in the ownership structure come amid the third largest drop in bitcoin’s price in the current cycle. In six weeks, the cryptocurrency has lost more than 25% of its historical high. As of Wednesday, bitcoin was trading near $ 92,600, fluctuating between $ 92,200 and $ 92,800 during the Asian session. Historically, such periods of accumulation by large players, combined with the exit of retail investors, often precede market stabilization.

The Fear and Greed Index for cryptocurrencies is currently at 11 out of 100, indicating deep fear among traders. Negative sentiment prevails on social media, and the volume of short positions continues to grow. Some analysts see this as a potential counter-signal: excessive fear and deleveraging may indicate that sales are exhausted and the market is moving into a consolidation phase.

Former Barclays CEO Bob Diamond, who heads Atlas Merchant Capital, called the current turbulence a «healthy adjustment» rather than the beginning of a bear market. In his opinion, investors are adapting to the new conditions for assessing risky assets, and the gap between the accumulation of large players and the outflow of retail players may become a determining factor for the movement of bitcoin at the end of 2025.