Bitcoin Shark & Whale Wallets Increase Despite Price Decline

On-chain data reveals that the population of Bitcoin sharks and whales has grown over the past three months, even as the price experienced a downward trend during this time.

Key Takeaways

Bitcoin sharks and whales have increased in number by 3.9% over the last three months.
The population of these large investors rose by 753 new addresses since December 19th.
Despite a general price decline in Bitcoin, more big-money investors have chosen to enter the market.
In the annual comparison, the number of investors holding over 100 BTC is up by 12% since March 19, 2025.

Bitcoin Sharks & Whales

Increase in Bitcoin Shark and Whale Wallets

In a recent update on X, the on-chain analytics firm Santiment highlighted the latest trends in Bitcoin's Supply Distribution among sharks and whales. The term "Supply Distribution" refers to an indicator that reveals the number of wallets belonging to specified ranges of Bitcoin holders. For instance, the distribution of the 1 to 10 BTC range measures how many addresses hold between 1 and 10 BTC.

In this analysis, the focus is on the range of wallets holding 100 BTC or more. With current market conditions, this translates to an investment amount starting at roughly $6.9 million. Only investors with significant capital qualify as sharks and whales. These individuals can have a substantial impact on the market, making their trading behavior essential to monitor. Although their activity does not always align with market trends, it can offer insights into the sentiment of influential market players.

The following chart by Santiment illustrates the trend in Bitcoin Supply Distribution for sharks and whales over recent months:

Bitcoin Sharks & Whales

According to the chart, the Supply Distribution among Bitcoin sharks and whales has notably increased in recent days, showing rising participation from these large investors. Specifically, the number of sharks and whales has risen by 753 addresses since December 19th, marking a 3.9% growth over three months. This surge in the number of 100+ BTC holders aligns with the observation that Bitcoin's price has been on a decline. This indicates that rather than selling off during the downturn, more wealthy investors are entering the network. As noted by the analytics firm, "This is just one of many bullish divergences shown in our on-chain data while short-term prices continue their volatility."

Additionally, on an annual scale, the indicator reflects an increase of 2,148 addresses, or 12%, compared to March 19, 2025. During this span, Bitcoin experienced a bull run, likely presenting profitable opportunities for large investors to exit. However, many appear to have opted to stay in the market.

Bitcoin Price Update

Bitcoin has fallen below the $70,000 mark following its recent pullback.

Bitcoin Price Chart The trend in Bitcoin's price over the last five days | Source: BTCUSDT on TradingView