Bitcoin Fell Below $80,000, but Wallets Holding 10 to 10,000 BTC Just Hit a Record High. Are Big Buyers Loading Up?

Despite Bitcoin (CRYPTO: BTC) slipping below $80,000 on October 15, 2026, the number of wallets held by so-called Bitcoin whales is on the rise. Santiment, an on-chain analytics company that monitors blockchain wallet activity, reports that there are now 20,338 wallets holding between 10 BTC and 10,000 BTC—the highest number ever recorded.

In a post on X, Santiment noted that this figure has been “climbing sharply since mid-July despite plenty of BTC price volatility.” The analytics firm points out that this group of large holders has historically tracked closely with Bitcoin’s future price direction.

More large holders appearing amid volatility suggests these deep-pocketed buyers may be confident in their positions. However, Santiment also cautions that short-term price drops could still happen. So, are Bitcoin whales gearing up to buy more?

Bitcoin Drops Below $80,000 While Whale Wallets Surge

On October 15, Bitcoin fell below $80,000 for the first time since its September rally, fluctuating between $79,806 and $82,508 within 24 hours. Buyers quickly pushed the price back above $82,000, with Bitcoin trading at about $82,159 as of October 16, down 0.4% over the past week.

Most of Bitcoin’s gains in the recent month stemmed from a rebound after September lows. The cryptocurrency hit an intraday low of about $74,912 on September 16 and climbed to a peak of $87,397 on September 21. Since then, two attempts to rally back to that peak stalled just beneath it, at around $87,283 on September 23 and $87,249 on October 2.

Notably, Bitcoin touched about $80,315 on October 8 before experiencing the latest dip.

Over a longer horizon, Bitcoin’s performance appears weaker. The cryptocurrency is currently about 35% below its all-time high of $126,080, set on October 6, 2025, and has declined about 26% over the past year. Therefore, the record number of wallets emerged when Bitcoin was significantly below its previous peak.

Santiment traces the increase in whale wallets back to mid-July, overlapping with Bitcoin’s 31% rise from approximately $62,837 on August 16.

A Record Whale Wallet Count Doesn’t Prove New Buying

A wallet is essentially a blockchain address that stores coins. Santiment’s count reflects the number of addresses holding between 10 BTC and 10,000 BTC, but one individual could own multiple such addresses.

Exchanges and investment funds often split customer assets across multiple wallets for security. This means a single transfer from one wallet to another can inflate the count without any actual new Bitcoin purchases. Similarly, a large holder could split their holdings, creating new smaller wallets without changing the total amount of Bitcoin they own.

While this count can indicate how coins are distributed, an increase doesn’t automatically mean fresh buying. Still, it suggests the number of mid-sized and large holders has grown steadily during this volatile period, aligning with Santiment’s view that many big investors are not exiting the market.

Spot Bitcoin ETFs Shift From Inflows to Outflows

Meanwhile, spot Bitcoin ETFs, another significant source of demand, seem less robust than the wallet data suggests. These exchange-traded funds hold Bitcoin directly and allow investors to gain exposure through standard brokerage accounts. On October 13, US spot Bitcoin ETFs saw a net inflow of $175.6 million, but the following day experienced a net outflow of $261.5 million.

A net outflow means more money exited the funds than entered, typically prompting them to reduce their Bitcoin holdings. Despite this one-day redemption, the funds still control $104.8 billion in net assets, so the overall effect is relatively minor.

Notably, the selling activity came just before Bitcoin dipped below $80,000, suggesting ETF buyers aren’t adding consistently, even as wallets appear to be.

Are Bitcoin Whales Loading Up?

The record increase in wallet numbers suggests potential buying activity, though it doesn’t decisively confirm it. Large holders continued to grow through the September rally and the dip below $80,000, which aligns with a buying trend. However, the data could also reflect transfers and balance splits rather than new purchases, and ETF money left on October 14.

ETF activity might provide clearer insights soon. A series of consecutive days with inflows surpassing the $175.6 million recorded on October 13 could indicate institutional money is joining the trend seen in wallet growth. Conversely, if ETF outflows persist and Bitcoin settles below $80,000, it may suggest the record reflects patient holders enduring a decline, with the September low near $74,912 as the next critical level to watch.

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