Bitcoin (CRYPTO: BTC) has fallen about 26% over the past month, yet on-chain data show a steady rise in large wallet holders, a pattern historically associated with accumulation phases.
Large Wallets Near Record Levels
Bitcoin is approaching 20,000 wallets holding at least 100 BTC, equivalent to roughly $6.78 million per wallet at current prices, Santiment data shows.
These addresses are typically linked to high-net-worth individuals, funds, long-term holders or institutions.
The increase in 100+ BTC wallets during a price decline is generally considered a bullish signal, suggesting larger players are accumulating as retail participants distribute.
However, the overall percentage of supply held by major stakeholders has not meaningfully increased, which may partly explain why price remains under pressure.
Rather than extreme concentration by a handful of entities, the data point to broader distribution among more whale-sized holders.
Historically, rising whale counts have coincided with accumulation periods that later preceded recoveries.
‘Bottoms Take Time’
Data from CryptoQuant indicate that if the current cycle follows prior post-halving structures from April 19, 2024, major bottoms could take two to two-and-a-half years to fully form.
Past cycles suggest the following timelines:
- The 2012 cycle bottomed 777 days after its halving.
- The 2016 cycle bottomed 889 days post-halving.
- The 2020 cycle bottomed 925 days later.
That framework creates a broader window between June and December 2026, with historical clustering around September to November.
Overall it implies, cycle bottoms ‘take time’ to develop rather than materialize as a single event, even as on-chain accumulation quietly builds beneath the surface.
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