Analytics platforms Santiment and CryptoQuant reported increased activity among large bitcoin holders during the market recovery. The changes matter because analysts said whales accumulated bitcoin after the initial price rebound, a pattern that could help absorb profit-taking if it persists.

According to Santiment, the number of wallets holding between 10 BTC and 10,000 BTC reached an all-time high of 20,338. Santiment said the count has risen without interruption since mid-July despite significant price volatility.

The platform said this group has historically been closely linked to bitcoin’s future price direction. An increase in large holders within this balance range during sideways trading indicates sustained confidence and an absence of flight from the market during pullbacks, according to the statement.

Whales added positions during the recovery

CryptoQuant said the combined balances of whale wallets, excluding exchange addresses and mining pools, rose from about 2.94 million BTC at the end of August to nearly 3 million BTC. The increase of about 60,000 BTC, or 2%, took balances to their highest level of the current year.

Experts said the increase was uneven. Accumulation slowed during September before accelerating sharply in late September and early October.

The balance expansion followed the initial price recovery. Analysts said whales increased their positions as the rebound unfolded rather than taking positions in advance, pointing to supply absorption instead of early positioning.

According to the analysts, the timing changes the interpretation of the rally by showing that large holders were willing to hold more bitcoin after prices recovered. If that behavior continues, it could absorb profit-taking and help turn a temporary rebound into more sustained growth.

Balances have since slipped slightly from their latest peak. Analysts said a key test will be whether whales retain the accumulated volumes during price consolidation.

CryptoQuant cautioned that sharp changes in balances may result from wallet restructuring or migration between holder groups. The data alone therefore do not provide direct evidence of spot buying.

The experts said confirmation of active accumulation would require a combination of rising balances during price pullbacks, stronger spot demand and limited bitcoin inflows from whales to exchanges.

Earlier, CryptoQuant analysts Willy Woo and Darkfost assessed the current structure of the bitcoin market.

Source: Incrypted