Pakinomist – As Bitcoin’s price hovers around crucial early 2025 levels, a certain class of BTC holders has been quietly increasing its holdings.

In a recent report, on-chain research firm Santiment examined how wallets of different sizes behave on the network, which overall creates a very neutral signal for crypto’s next few weeks.

According to Santiment, Bitcoin whales with 10 and 10,000 BTC have accumulated 2,997 BTC since January 1, 2025, indicating increased confidence in Bitcoin’s long-term prospects.

This holder class (10-10,000 BTC wallets) were the main beneficiaries of the last bull rally, according to the report, because they accumulated significantly while others panicked and sought to time the top. These have accumulated a staggering 257,000 BTC since October 1st and 199,000 BTC since November 5th. Since the end of the year, their accumulation levels have cooled a bit. However, they have added 2,997 BTC since January 1, 2025.

Bitcoin wallets accumulate

Santiment is also investigating the behavior of other Bitcoin wallets. The 0.1-10 BTC wallet level dumped an astounding 84,521 Bitcoins between October 13th and December 27th, mostly fueling the whale and shark breakout as well as price increases. However, since then these wallets have accumulated 5,604 BTC.

A similar pattern is observed for 0-0.1 BTC wallets. During the recent bull run from October to December 24, these small traders consistently took profits, often prematurely. This dumping pattern ended in the last few days of 2024. Since December 29th, they have added a small 585 BTC back into their bags as a small effort to “buy the dip.” However, this is almost flat compared to their typical movements.

Santiment is also investigating the growth of Bitcoin non-empty wallets. From October 13 to the end of 2024, there was a net reduction of just over 130,000 Bitcoin wallets, providing ample justification for the bull run that followed. Since then there has been some growth with an additional 84,700 wallets.

At the time of writing, Bitcoin was up 5.97% in the last 24 hours to $96,107.