Bitcoin whales accumulated nearly 89,000 BTC in one month as price fell below $81,400, but institutional demand weakened with spot ETF outflows.
Macro & Markets ·
Large Bitcoin holders have accumulated approximately 88,987 BTC over the past month, bringing their combined holdings to over 13.69 million BTC, according to Santiment data. This buying activity occurred even as Bitcoin's price dipped below $81,400, with wallets holding between 10 and 10,000 BTC driving the accumulation that began in mid-September and reached levels not seen in six months.
However, headwinds are limiting further upside momentum. Rising borrowing costs and narrowing valuation premiums have reduced the incentive for corporate treasuries to expand their Bitcoin holdings, according to commentary in the report. Additionally, spot Bitcoin ETFs posted net outflows of $90.57 million through October, signaling weakening institutional demand despite a single large daily inflow of $526.6 million on one Monday.
The divergence between whale accumulation and institutional retreat suggests Bitcoin is shifting toward a more mature investment phase where demand depends increasingly on macroeconomic conditions, asset valuations, and portfolio allocation decisions rather than sustained capital inflows from traditional buyers. Whether sustained whale buying alone can provide sufficient support for price appreciation remains unclear.