Santiment’s latest on-chain data reveals a notable shift in Bitcoin holder behavior just as the market battles heavy volatility. The number of wallets holding 100 BTC or more has increased steadily since November 11, signaling renewed accumulation among large investors. At the same time, smaller wallets, especially those holding 0.1 BTC or less, have been shrinking, reflecting classic signs of retail capitulation.
Whale Accumulation Picks Up Momentum
According to Santiment, 91 new whale wallets have appeared since November 11, marking a +0.47% rise in this category. This growth stands out because it is occurring during a period when Bitcoin’s price has been under significant pressure. Historically, long-term market bottoms are often formed when retail investors exit positions while whales accumulate more supply at discounted levels.
🐳 The number of wallets holding at least 100 Bitcoin has risen by +0.47% (91 wallets) since November 11th. Meanwhile, small wallets (especially 0.1 $BTC or less) have been shrinking in number. Retail capitulation will generally play out well for crypto prices in the long run. pic.twitter.com/I0C6EV24QV
— Santiment (@santimentfeed) November 25, 2025
This divergence, whales buying while small holders sell, is often viewed as a constructive long-term signal for Bitcoin.
Retail Wallets Shrink as Fear Returns
Small BTC wallets continue to decline, especially those holding 0.1 BTC or less. This suggests that smaller investors are reducing exposure during the downturn, consistent with the extreme fear seen recently in sentiment indicators. Santiment notes that such capitulation phases “generally play out well” for future price performance once the selling pressure exhausts itself.
Chart Breakdown: Whale Wallets vs. Bitcoin Price
The attached Santiment chart highlights this dynamic clearly:
- The blue filled curve represents the total number of whale wallets holding at least 100 BTC. After dropping earlier in the month, it has reversed upward sharply.
- A blue annotation shows that 91 new wallets have been added since November 11.
- Bitcoin’s price (candlesticks) continued to fall through most of November, creating a divergence where whales accumulated into weakness.
- This pattern resembles previous moments when large holders positioned early before an eventual market recovery.
The chart shows that while price made lower lows, whale accumulation continued trending upward, a historically bullish divergence.
Outlook
If whale accumulation continues at the current pace, it may help stabilize price action and potentially support a medium-term recovery. For now, retail selling remains the dominant emotional trend, while large holders quietly expand their positions.
