Bitcoin clings to $81,000! Whales scoop up over 85,000 BTC in 3 weeks as wallet count hits a record high—is this bottom-fishing or catching a falling knife?

Bitcoin (BTC) continues to trade around $81,000, but large holders are increasing their positions against the trend.
According to the latest data released by on-chain analytics firm Santiment, addresses holding 10 to 10,000 BTC have accumulated an additional 85,916 BTC since September 18. At an estimated price of $81,400 per BTC, that is worth approximately $6.99 billion. However, continued whale accumulation has yet to spark a price rebound, leaving the market facing a key question: Is this bottom-fishing, or an attempt to catch a falling knife amid a downtrend?
Whale wallet count hits a record high, while retail investors are also reluctant to leave
Santiment reported that the number of wallets holding 10 to 10,000 BTC has reached an all-time high of 20,338, continuing to grow since mid-July. However, whale accumulation is not an unequivocally bullish signal. Santiment also found that retail addresses holding less than 0.01 BTC continue to add to their balances, indicating that there has not yet been a clear wave of retail capitulation.
The firm believes that when whales and retail investors accumulate at the same time, the market has historically been more likely to trade sideways within a range than to break out immediately.
According to CoinMarketCap, BTC was trading at around $81,425 on October 17. Historical data from Investing.com shows that Bitcoin fell to a low of around $79,842 on October 15. Although it rebounded the following day, it failed to decisively reclaim the $83,000 level.
In its latest weekly report, Santiment noted that higher-than-expected U.S. producer price inflation weighed on risk assets, prompting the market to reassess the Federal Reserve’s interest rate policy. Meanwhile, increased whale holdings have not been enough to fully offset selling pressure from macroeconomic factors.
Santiment reviewed similar instances of whale accumulation over the past year and found mixed results: a similar trend in April 2026 was followed by a rally, while an accumulation phase from late 2025 to early 2026 was followed by a price retracement of around 34%.
This also shows that whale buying does not mean the market has bottomed. Whether prices subsequently follow through is what matters.
$80,000 emerges as a key bull-bear dividing line; a rebound still needs to break above $85,000
Recent price action shows that Bitcoin has repeatedly found support around $80,000–$81,000, while technical resistance remains at $84,000–$85,000.
In the short term, if BTC falls below $80,000 again, the market could face a fresh wave of selling pressure. Conversely, holding above $83,000 and then breaking through $85,000 could improve the currently weak price structure.
Whale accumulation helps support the medium- to long-term holder structure, but it is not yet enough to confirm that the bull market has resumed. The market still needs to watch spot demand, ETF fund flows, and whether the macroeconomic environment improves in tandem.
"Bitcoin clings to $81,000! Whales scoop up over 85,000 BTC in 3 weeks as wallet count hits a record high—is this a buying opportunity or catching a falling knife?" This article was first published on Blockcast.