Bitcoin is showing signs of continued accumulation among mid-sized holders as wallets containing between 100 and 1,000 BTC have added 113,950 BTC since July 15, according to blockchain analytics platform Santiment.
The accumulation has increased the group’s combined holdings by 2.22% to approximately 5.24 million BTC. The buying activity comes as Bitcoin briefly climbed to $87,000 earlier this week before retreating and settling near $84,000.
The latest move raises an important question for the market: is sustained accumulation creating a foundation for another breakout, or has the recent recovery been driven largely by short covering and leverage?
Mid-Sized Bitcoin Holders Continue to Accumulate
Santiment has monitored the 100-to-1,000 BTC wallet category for roughly five years, with its activity often showing a close relationship with broader Bitcoin market trends.
Historically, periods of significant accumulation by this group have occurred ahead of, or alongside, stronger price movements. The latest data indicates that these wallets continued adding Bitcoin during the recent recovery, suggesting that demand has not been limited to smaller retail investors.
However, some market participants remain cautious about interpreting the rally as a broad shift in investor risk appetite.
Trace Finance co-founder Bernardo Brites has pointed to the role of a short squeeze in accelerating Bitcoin’s recovery. He has also raised the question of where the fresh capital entering the market is coming from.
That distinction could prove important as Bitcoin approaches its next major resistance zone. A rally supported by sustained spot demand would have different implications from one primarily fueled by the unwinding of bearish leveraged positions.
Bitcoin Approaches $88,000-$90,000 Resistance
Bitcoin’s technical structure has also improved during the recovery.
The cryptocurrency reclaimed its 365-day moving average at around $80,500, a level that Bitcoin last moved back above in March 2023. That earlier move was followed by a larger upward trend.
Bitcoin has also broken through the $76,000-$81,000 supply zone, an area that had previously restricted price gains for several weeks.
| Level | Price Zone | Significance |
| 365-day moving average | Around $80,500 | Reclaimed during the latest recovery |
| Previous supply zone | $76,000-$81,000 | Broken after weeks of resistance |
| Major resistance | $88,000-$90,000 | Next significant supply area |
The $88,000-$90,000 region is particularly important because of the amount of Bitcoin previously accumulated around those prices. As Bitcoin approaches the area, holders who bought near these levels could become potential sellers, creating additional supply for the market to absorb.
ETF Demand Could Help Determine the Next Move
Bitcoin exchange-traded fund activity could provide another indication of whether the current recovery has enough underlying demand to challenge resistance.
Continued ETF inflows, combined with renewed growth in stablecoin supply, would indicate that fresh liquidity and investment demand are supporting the rally as Bitcoin approaches the $88,000-$90,000 zone.
Conversely, weakening ETF demand while Bitcoin remains below that resistance area could leave the market more exposed to a pullback, particularly if leveraged traders begin closing positions.
For now, the combination of continued accumulation by 100-to-1,000 BTC wallets, the recovery above key technical levels and ETF flows leaves Bitcoin approaching its next major test. The market’s reaction around $88,000-$90,000 may provide a clearer indication of whether the latest recovery can develop into a sustained advance or faces renewed selling pressure.
