Bitcoin Shark & Whale Wallets Jump Despite Bearish Price Action

On-chain data shows the Bitcoin sharks and whales have seen their population grow during the last three months, despite the price witnessing an overall downtrend in this window.

In a new post on X, on-chain analytics firm Santiment has discussed the latest trend in the Supply Distribution of the Bitcoin sharks and whales. The “Supply Distribution” here refers to an indicator that tells us, among other things, the number of wallets that belong to a given coin range. For example, the Supply Distribution of the 1 to 10 coins cohort measures the number of addresses that are holding between 1 and 10 tokens of the asset.

In the context of the current topic, the range of interest is the 100+ BTC one (with the upper bound at infinity). At the current exchange rate, the cutoff for the range converts to $6.9 million. Thus, only the investors with a significant amount of capital would be able to qualify for it. Such holders are collectively known as the sharks and whales.

Traders of this size can carry some degree of influence in 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 key hands.

Now, here is the chart shared by Santiment that shows the trend in the Bitcoin Supply Distribution for the sharks and whales over the last few months:

As displayed in the above graph, the Bitcoin sharks and whales have seen their Supply Distribution go through a notable rise over the last few months, indicating the number of investors falling inside these groups has gone up.

More specifically, sharks and whales have seen their combined count jump by 753 since December 19th, representing an increase of 3.9% over a three-month period.

From the chart, it’s visible that this surge in the Supply Distribution of the 100+ BTC holders has come while the cryptocurrency’s spot price has gone through a downtrend. This means that instead of pulling back during the market decline, more big-money investors have joined the network. “This is just one of many bullish divergences showing in our on-chain data currently while short-term prices continue their volatility,” noted the analytics firm.

The indicator has also climbed on the yearly scale, being up 2,148 addresses or 12% compared to March 19th, 2025. During this window, BTC went through a bull run, so large investors had a profitable opportunity to exit, but it seems that they chose to stick around instead.

Bitcoin has slipped under the $70,000 level following its latest pullback.