Large bitcoin holders added 86,702 BTC over three weeks, pushing their collective holdings to the highest level since April 23, Santiment said on October 6, 2026. The analytics platform said the accumulation, combined with shrinking exchange reserves, could create favorable conditions for further price gains, though it stressed that cryptocurrency markets offer no guarantees.

The increase came from wallets holding between 10 BTC and 10,000 BTC. Santiment described those wallets as key stakeholders and said their holdings have historically correlated closely with bitcoin’s price movements.

By contrast, wallets holding less than 0.01 BTC have tended to move in the opposite direction, according to the platform. Santiment said large holders, often described as whales and sharks, were accumulating while smaller market participants showed signs of profit-taking.

The platform said that pattern leaned bullish because larger holders were adding bitcoin while smaller traders sold into the rally. It viewed a move above $90,000 as increasingly realistic in the short term, while cautioning that the outcome was not guaranteed.

Exchange outflows reach seven-month high

Declining bitcoin reserves on cryptocurrency exchanges provided another positive signal, according to Santiment. Net outflows totaled 24,073 BTC on Monday, October 5, marking the largest single-day withdrawal in seven months and the highest level since March 1, the platform said.

Against that backdrop, bitcoin held on exchanges fell to about 6.5% of total supply, according to Santiment. Withdrawals are typically viewed as positive for the market because they reduce the amount of bitcoin immediately available for sale.

If demand holds, a decline in liquid supply could increase upward pressure on bitcoin’s price, analysts said. Santiment suggested that investors may be moving coins into long-term storage rather than preparing to sell them.

The platform cautioned that exchange outflows alone do not guarantee price appreciation. However, it said simultaneous accumulation by larger holders and declining exchange reserves created a more favorable market structure.

Bitcoin was trading near $84,000 at the time of the analysis. Santiment said a breakout above $90,000 was becoming more realistic in the short term.

Separately, Grayscale previously said bitcoin’s three-year return would have fallen to 27% if its 10 best trading days were excluded.

Source: Incrypted