Wallets holding more than 10,000 BTC have swelled to 90 addresses, the highest count since February, signaling that Bitcoin's largest long-term holders are rebuilding positions after a spring drawdown. The cohort, often labeled "strongest hands" by on-chain analysts, now commands roughly 900,000 BTC — approximately 4.5% of the 20.07 million coins in circulation.
The buildup did not start at the top. Mid-tier whales in the 1,000–10,000 BTC band accumulated 42,000 BTC during the second quarter, a move that historically precedes inflows into the largest tier. Data from Glassnode shows the 10,000+ BTC bucket bottomed at 82 addresses in May before climbing steadily through June and July. The acceleration in August coincides with two external pressure points: fallout from Coldcard's contested firmware update, which pushed some custodial users toward self-custody, and the stalling of the Clarity Act in the U.S. Senate, which removed a near-term regulatory catalyst that traders had priced for July.
Bitcoin traded at $63,992 on August 11, down 1.5% in the prior 24 hours but up 0.4% over the week. Volume sat at $20.5 billion, while total crypto market capitalization slipped 1.4% to $2.27 trillion. BTC dominance held at 56.5%, suggesting the asset is absorbing selling pressure without ceding share to altcoins.
| Holder tier | Addresses (Aug) | Addresses (May) | Est. BTC held |
|---|---|---|---|
| --- | --- | --- | --- |
| 10,000+ BTC | 90 | 82 | ~900,000 |
|---|---|---|---|
| 1,000–10,000 BTC | 2,140 | 2,098 | ~4.2M |
| 100–1,000 BTC | 14,800 | 14,620 | ~3.8M |
The last time the 10,000+ cohort crossed 90 addresses, in February 2026, Bitcoin rallied from $52,000 to $73,000 over the following six weeks. That move was supported by spot ETF inflows averaging $400 million per day. Current ETF flows have turned modestly negative, averaging -$15 million daily over the past two weeks, suggesting the present accumulation is driven by direct custody rather than intermediated products.
Desks in London and Singapore report increased OTC request-for-quote volume for blocks above 500 BTC, with execution prices showing a 15–20 basis point premium to spot. One Singapore-based trader, who asked not to be named, said "the bids are persistent and they're not algorithmic — these are manual tickets from funds that don't need to mark-to-market daily.
What triggered the move
Coldcard's June firmware release introduced a mandatory key-rotation feature that several institutional custodians flagged as incompatible with their hardware security modules. Within two weeks, on-chain data showed a net outflow of 12,000 BTC from addresses tagged to three major custodial platforms. A portion of those coins appeared in new addresses that now sit in the 1,000–10,000 BTC tier, consistent with a migration to self-custody or alternative providers.
Simultaneously, the Clarity Act — legislation that would have defined digital-asset jurisdiction between the SEC and CFTC — was pulled from the Senate calendar in late July. Market makers had positioned for a July passage; the delay forced a unwind of long-gamma hedges that briefly pressured spot below $62,000. The 10,000+ cohort absorbed that dip, adding eight addresses in the first week of August alone.
How desks are positioning
OTC desks report that new 10,000+ BTC addresses are clustering in the 10,000–15,000 BTC range rather than at the extreme upper end. This suggests the inflow is coming from funds graduating from the mid-tier, not from legacy whales splitting existing stacks. The median age of coins in the new addresses is 14 months, compared with 38 months for the pre-existing 10,000+ cohort, reinforcing the graduation thesis.
Funding rates on perpetual swaps have remained near zero, indicating that leveraged longs are not driving the spot bid. Open interest on CME Bitcoin futures dipped 3% last week, while Binance open interest rose 2%, pointing to a shift from regulated to offshore venues for directional exposure.
Why the timing matters
Historical precedent shows that when the 10,000+ address count sustains above 85 for more than three weeks, a supply squeeze typically follows within 60 days. The metric has now held above that threshold for 22 consecutive days. If the pattern holds, the next inflection point would arrive in late September — around the time the Federal Reserve's September FOMC meeting could deliver a rate-cut signal.
The risk is that Clarity Act momentum does not resume before the November election, leaving a regulatory vacuum that could cap institutional appetite. Conversely, a surprise restart of the legislative process would likely trigger a rapid repricing, with the accumulated whale supply acting as a floor.