Data from the chain shows that Bitcoin sharks and whales have seen their population grow over the past three months, despite the price showing an overall downward trend in this window.
Bitcoin Sharks & Whales saw a 3.9% increase in the number of addresses over the past three months
In a new after at The “Supply Distribution” here refers to an indicator that tells us, among other things, how many wallets belong to a certain coin series. For example, the 1 to 10 coin cohort supply distribution measures the number of addresses holding between 1 and 10 tokens of the asset.
In the context of the current topic, the area of interest is 100+ BTC (with the upper limit set to infinity). At the current exchange rate, the bandwidth limit is $6.9 million. Only investors with a significant amount of capital could therefore qualify. Such keepers are collectively known as the sharks and whales.
Traders of this size can exert a certain amount of influence on the market, so their behavior can often be worth keeping an eye on. It doesn’t always correlate with the asset’s trajectory, but it can still contain information about the sentiment among the most important hands.
Here is the chart shared by Santiment showing the trend in Bitcoin Supply Distribution for the Sharks and Whales over the past few months:
As shown in the chart above, Bitcoin sharks and whales have seen a notable increase in their supply distribution in recent months, indicating that the number of investors falling within these groups has increased.
More specifically, sharks and whales have seen their combined numbers increase by 753 since December 19, representing a 3.9% increase over three months.
The graph shows that this increase in the supply distribution of the more than 100 BTC holders has occurred while the spot price of the cryptocurrency has been on a downward trend. This means that instead of pulling out during the market downturn, more major investors have joined the network. “This is just one of many bullish divergences currently visible in our on-chain data as short-term prices continue their volatility,” the analytics firm said.
The indicator is also up year-over-year, with an increase of 2,148 addresses or 12% compared to March 19, 2025. During this period, BTC went through a bull run, giving large investors a profitable opportunity to exit the market, but it seems they chose to stick around.
BTC price
Bitcoin has fallen below the $70,000 level after the latest pullback.