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The BTC cohort holding over 10,000 BTC in their wallets is the most active buyer in the summer of 2026. Almost all other wallet cohorts remain idle after the initial rush to accumulate in January.
The biggest BTC wallets, holding over 10,000 BTC, may belong to organizations, ETFs, or the occasional whale. This cohort is closely watched for a sign of an end to the BTC bear market. The cohort of the largest whales also showed accelerated accumulation in the past few weeks, just as BTC recovered close to $65,000.
For the past two months, the addresses holding over 10,000 BTC accumulated a net 46,420 BTC, their highest level since March 15. This group of whales also broke its record from March, when large wallets added 23,238 BTC.
BTC whale wallets with over 10,000 coins entered a period of net accumulation in July and August, while other cohorts are still distributing. | Source: CryptoquantAt the same time, retail wallets entered a period of distribution. The smallest holders of 0.1 to 1 BTC distributed 9,700 coins net. This cohort is volatile, often swinging wildly between accumulation and distribution. As of August, small-scale holders are decreasing their exposure, while the top whales are generating spot demand for BTC. Based on the size of orders, the market is showing growing activity by big whales, rather than smaller traders or retail.
Is BTC entering a period of accumulation?
For now, only one cohort shows net accumulation, and as a whole, BTC is showing a weakening spot demand. For the year to date, several cohorts have switched between accumulation and distribution.
The current BTC price moves and prolonged sideways trading are still not sufficient to boost buying. Even whales are still wary of potential slides. Based on the usual halving timeframes, BTC should already be in a period of accumulation. However, skeptics of the four-year cycle still suggest the time to accumulate BTC may be delayed by a few months.
Who is buying BTC?
The recent on-chain and exchange data suggest demand for BTC is shifting. The Coinbase premium index remains in the red, suggesting weak US-based demand. BTC buying may be shifting geographically, moving toward Asian and other global venues. BTC may benefit from stablecoin reserves, which may be allocated in another round of accumulation.
Binance is reflecting the shifting trend, with daily inflows of stablecoin liquidity. Binance saw outflows of over $700M in TRON-based USDT, which is now being replaced by Ethereum-based stablecoins.
Some of the stablecoins flowing into Binance may be allocated to BTC. This liquidity setup does not guarantee a BTC rally, but may shift premiums, change the available liquidity depth, and cause local surges in trading.
As of August 10, Strategy is also closely watched for breaking its selling streak to resume BTC buying. The treasury company may signal a shift in sentiment. On Monday, the H100 group also announced the purchase of 2,455.37 BTC, showing the treasury narrative was still alive and a potential source of demand and long-term holding.
Overall, BTC sentiment remains flat, mostly remaining in the ‘fear’ range for the past three months. The sideways trading still delays the announcement of a BTC price bottom. Despite signs of buying, for now, true accumulation and conviction buying are not the main drivers of BTC sentiment.
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