Bitcoin Whales Reach Record as Shorts Increase
Santiment is seeing a record number of large Bitcoin wallets, while more shorts are building on Binance. At the same time, outflows from U.S. spot ETFs and the tension around the BTC price are rising.
Key Takeaways
- Bitcoin wallets with 10 to 10,000 BTC rose to 20,338, a record according to Santiment.
- Large whale wallets added about 270,000 BTC in 30 days, the strongest accumulation since 2013.
- Short positions dominated on Binance, while U.S. spot Bitcoin ETFs saw net outflows.
Santiment reports that Bitcoin wallets with 10 to 10,000 BTC have climbed to 20,338, a record. That happened while the BTC price moved back and forth several times over the past few weeks and U.S. spot Bitcoin ETFs saw money flow out. The mix of more large wallets and more short positions shows that the market is split right now.
Large Wallets Keep Growing
Santiment says this group of large holders has historically often moved closely with Bitcoin's later price direction. According to the analytics firm, the inflow of new large wallets during choppy trading points to confidence among investors with deep pockets. Santiment says that group seems to be holding on, even during weaker phases of the market.
The on-chain data fits into a broader picture where large investors are picking up more BTC. Recent figures show that Bitcoin whale wallets, defined as addresses with 1,000 to 10,000 BTC, added about 270,000 BTC in 30 days, the strongest monthly accumulation since 2013. That highlights how much activity at the top end of the market has increased.
Shorts Gain Ground on Binance
At the same time, traders on Binance have become more pessimistic. The funding rate for Bitcoin futures on the platform dropped to -0.0073%, which means short positions now have the upper hand. The last time that metric fell below zero was in June, when BTC was trading around $62,000 (€55,300).
According to analyst Darkfost, that shift came after inflation data in the U.S. came in hotter than expected. Bitcoin fell below $80,000 (€71,400) on October 15 after the producer price report. U.S. spot Bitcoin ETFs also saw about $539.8 million (€482 million) in net outflows in the first two weeks of October, with $261.5 million (€233 million) on October 14 alone. In October, that outflow even rose to $729 million (€650 million) over two straight days.
Why This Matters
For European crypto followers, the most interesting part is the contrast between large wallets that keep buying and the cautious stance of traders and ETF investors. Differences like these between on-chain data, derivatives, and fund flows can suggest that the market has not picked a clear direction yet. Bitcoin was trading around $82,389 (€73,500) at the time of writing, after recovering from the recent dip toward $62,000 (€55,300) and the peak around $87,000 (€77,600).
