Bitcoin Whale Wallets on the Rise as Retail Sentiment Fades — A Bullish Signal?

Bitcoin is holding strong above $100,000, just 6% shy of its all-time high. But behind this price stability lies a deeper shift: a growing divergence between retail and institutional investors. On-chain data suggests that whales are quietly accumulating while retail sentiment turns sour — a setup that has historically signaled market reversals.

Whale Accumulation Gains Momentum

Recent data from Santiment reveals that wallets holding 10 BTC or more — often referred to as “elite wallets” — have increased by 231 over the last 10 days, marking a 0.15% rise. At the same time, retail wallets (those holding between 0.001 and 10 BTC) dropped by over 37,000 during the same period.

This trend suggests a classic handoff: retail is exiting, while big players are stepping in.

Glassnode backs this up with on-chain analysis showing fewer total Bitcoin transactions, but larger individual transfer sizes. The network is now settling higher-value transactions, often above $100K, indicating that institutions and whales are the ones moving capital — not smaller investors.

Sentiment Turns Bearish — But That May Be Bullish

Sentiment indicators show a notable shift. The ratio of bullish to bearish crypto comments has dropped to 1.03, the lowest since April. Historically, such spikes in fear have preceded sharp upward movements in BTC’s price.

This aligns with past behavior: when retail gets spooked and whales accumulate, markets often rally.

Ownership Trends Suggest Institutional Control

Today’s Bitcoin landscape is increasingly shaped by ETFs, corporate treasuries, and crypto funds. These entities are absorbing the available supply, even as new wallet creation and transaction volumes flatten. According to Matrixport, Bitcoin is now acting more like a long-term store of value than a transactional asset.

This transition also shows up in supply flows — old holdings from early miners and mega-whales are now gradually moving to institutional buyers. While ETF inflows are still positive, the real pressure test will be whether they can continue to absorb potential selling if price volatility returns.

Conclusion:
The growing dominance of whales and institutional wallets may set the stage for Bitcoin’s next breakout — especially if retail sentiment remains bearish. But with low volatility and muted new capital, the market may be approaching a decision point.