Since March, the number of wallets holding at least 1 Bitcoin has dropped by around 2.2%. At first glance, that might sound a bit concerning. Fewer whole coin holders usually sparks talk of distribution or weak hands stepping out.

But here is the twist that really matters.

The wallets that stayed didn’t just sit still. They aggressively accumulated. Collectively, these remaining holders added a massive 136,670 more BTC to their stacks. That is not panic selling. That looks like conviction.

This kind of behavior usually points to smaller holders exiting while stronger, more confident participants quietly increase exposure. It often happens during phases where price feels boring, sentiment feels mixed, and attention shifts elsewhere.

From a market perspective, this can be healthy. Coins moving into fewer, stronger hands tends to reduce short term selling pressure and build a base for future moves. Long term holders clearly see value here.