On-chain data shows the key Bitcoin investors have been distributing recently, with their supply share dropping to the lowest level in months.
Large Holder Demand For Bitcoin Has Remained Weak Recently
In a new post on X, on-chain analytics firm Santiment has talked about how the Bitcoin investor behavior has compared between the top and low ends of the market.
The analytics firm has chosen these wallet ranges to represent the two sides: 0 to 0.01 BTC and 10 to 10,000 BTC. The former includes the smallest of retail investors, while the latter includes key investor cohorts like the sharks and whales.
Below is the chart shared by Santiment that shows the trend in the percentage of the total circulating Bitcoin supply held by each cohort.
As is visible in the graph, the 0 to 0.01 BTC cohort has been expanding its supply since the October price peak. Bitcoin has witnessed a deep drawdown inside this window, but the data would imply that it hasn’t held back retail traders from accumulating. In total, this accumulation has expanded the holdings of these small hands by 2.5%, taking their percentage supply share to the highest level since June 2024.
While retail has been buying, the sharks and whales have shown a different trajectory. From the chart, it’s apparent that the 10 to 10,000 BTC holders sold alongside the market drawdown between October and December.
In January, these investors participated in some buying, which interestingly coincided with a drop in retail holdings. Then, the drawdown toward the end of the month again kicked off a selloff from the key investors. This selloff was steep, in fact sharper than any part of Q4 2025’s distribution phase.
Recently, even as Bitcoin has made some recovery from its $60,000 low and found some stability, the big-money investors haven’t shown any return of bullish conviction. Compared to the October peak, the supply of the 10 to 10,000 BTC holders is now down 0.8%, which has taken the network share of this group to the lowest since May 2025.
The analytics firm explained:
Optimally, we begin to see these two Bitcoin groups begin to reverse course. Without key stakeholder support, any spark of a rally will tend to be slightly limited due to the lack of large capital.
In another X post, Santiment has also discussed the behavior of the mid-tier Bitcoin holders, occupying the space between retail and large investors.
As displayed in the chart, the 0.01 to 1 BTC wallets have seen their combined Bitcoin supply hit a 15-month high following a 1.05% increase since October. Meanwhile, the 1 to 10 BTC hands have reduced their holdings by 0.49% in the same period.
BTC Price
At the time of writing, Bitcoin is trading around $67,400, up 0.7% over the last week.
