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 RecentlyBelow is the chart shared by Santiment that shows the trend in the percentage of the total circulating Bitcoin supply held by each cohort.
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.
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 PriceAt the time of writing, Bitcoin is trading around $67,400, up 0.7% over the last week.
