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Breaking News: Raydium DEX's AMM Program Exploited For $1.34 Million — Here's What Went Wrong

Bitcoin Big-Money Exits: Large-Holder Supply Hits Lowest Since May 2025

Keshav Verma
Keshav Verma
Last Updated: February 20, 2026 11:30 pm
2 mins read
Bitcoin Whales

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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.

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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.

Bitcoin Supply
Looks like the metrics have gone the opposite ways in recent weeks | Source: Santiment on X

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.

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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.

Bitcoin Mid-Tier Holders
The trend in the holdings of the mid-tier BTC cohorts | Source: Santiment on X

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.

Bitcoin Price Chart
The price of the coin seems to have been moving sideways recently | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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