The number of wallets holding at least 1 $BTC is down about 2.2% since March. Weak hands leaving, basically.

But here’s the part that actually matters: the wallets that stayed accumulated 136,670 $BTC over the same period, according to Santiment.

So while participation thinned out, conviction increased. Fewer holders, but much heavier ones.

That’s not distribution.

That’s consolidation.

This is usually what markets look like when retail gets exhausted and stronger hands quietly absorb supply. Price might not reflect it immediately, but this kind of behavior tends to matter later, not now.

Noise shakes people out.

Structure rewards patience.

BTC

87,453.44

-0.46%