While the number of wallets holding at least 1 Bitcoin on the Bitcoin network has decreased over the past year, larger investors increasing their total Bitcoin holdings during the same period signals a quiet shift in market power.

According to data shared by blockchain analytics platform Santiment, the number of wallets holding at least 1 BTC has decreased by 2.2% since reaching its peak on March 3, 2025. As shown in the chart, this number has declined from approximately 996,320 to 974,380. This decline indicates that individual and mid-scale investors are gradually exiting the network.

However, the most noteworthy part of the data begins here. Santiment revealed that wallets holding more than 1 BTC, though fewer in number, accumulated an additional 136,670 Bitcoin during the same period. In other words, while the number of wallets decreased, the amount of Bitcoin controlled by large players increased.

Whales are not retreating
This pattern points to a classic divergence often seen in markets. Large investor groups, referred to as whales, sharks, and dolphins, prefer to strengthen their positions during periods of increased price pressure rather than sell. Meanwhile, smaller investors tend to exit the market due to price fluctuations and uncertainty.

The chart showing fluctuations in Bitcoin price alongside the downward trend in wallet count indicates that this process has both technical and psychological dimensions. While major investors maintain their long-term outlooks, small-scale investors tend to avoid risk.

Experts suggest that such periods are characterized by increased wealth concentration within the Bitcoin network and serve as critical signals for future price movements. The continued accumulation by whales is considered an important mid-term data point for the market.
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