Reporting · markets
Mid-sized Bitcoin wallets accumulate during recent sell-off
On-chain data from Santiment shows smaller Bitcoin holders buying through a sell-off while retail sentiment stays heavily pessimistic.
Quick take
- Wallets holding between 1 and 100 BTC kept adding coins during a sell-off, according to Santiment data.
- Strategy bought 1,036 BTC for about $81.9 million, lifting its total holdings to 850,364 BTC.
- Retail sentiment remains heavily pessimistic, though Santiment called accumulation during a sell-off a positive sign.
CryptoPotato reported that Santiment data shows smaller Bitcoin holders building positions during a recent sell-off. According to the data, wallets holding between 1 and 10 BTC added 10,076 coins, while wallets holding 10 to 100 BTC added 4,131 coins. Santiment counted more than 14,000 BTC bought over the past two weeks.
Santiment described the accumulation as a positive sign during the sell-off, even though retail sentiment remains heavily pessimistic. The same data shows the number of non-empty BTC wallets fell by about 109,000. The wallet count peaked at 59.99 million on October 16, according to the figures.
Strategy bought 1,036 BTC for about $81.9 million, and its average purchase price stands at $79,012 per BTC. Its total holdings reach 850,364 BTC. Separately, Strive bought 29 BTC for about $2.2 million.
Taken together, the figures show buying by mid-sized wallets and by larger corporate holders during a period when retail traders were pessimistic, according to the data. Santiment's wallet counts and purchase totals give a broad view of who is buying as prices fall, though the data alone does not show what comes next.
Sources
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