Recent data from the Santiment platform shows that large Bitcoin holders – wallets holding between 10 and 10,000 Bitcoins – have strengthened their control over the market by adding 218,570 Bitcoins since the end of March, raising their holding percentage to over 68% of the total supply.
This ongoing accumulation comes at a time when the Bitcoin price stabilizes around $118,000, amid expectations that the next rise will be driven by institutional investors rather than retail speculators.
According to the report, about 0.9% of the total supply has shifted to this category over four months, indicating a gradual and ongoing transition in market structure.
This trend aligns with an analysis describing this movement as the largest wealth transfer cycle in Bitcoin's history, where major institutions are replacing early investors.
The market dealt with one of these whales last week after one whale from the Satoshi era sold around 80,000 Bitcoins, causing a temporary drop to $115,000 before the price stabilized again.
Analysts believe that this shift represents a new maturity stage for the market, during which a more solid base is built for stable future growth.
According to the CryptoQuant platform, the recent price movement has been less intense than previous cycles, suggesting that any upcoming correction may be limited in time and scope.
Currently, Bitcoin is trading at $118,700 with a slight weekly increase of 0.8% and a monthly rise of 11%.
While the $120,000 area represents a strong technical resistance, Glassnode warned that breaking the $115,000 level could open the door for a drop toward $110,000.
If the price surpasses the $125,000 barrier, it could pave the way to reach $141,000.
Overall, the continued institutional buying and quiet accumulation by whales reflects a healthy consolidation phase, paving the way for less volatile and more stable upward movements in the medium term.
