Bitcoin’s recent drop appears to have created an accumulation opportunity for some large holders.
According to Santiment data, wallets holding between 1 and 100,000 BTC collectively increased their balances by approximately 60,000 BTC in October.
At an estimated Bitcoin price of $80,000, the additional holdings were worth around $4.8 billion.
The largest accumulation came from wallets holding between 100 and 1,000 BTC. This group added approximately 40,000 BTC during the month, accounting for nearly two-thirds of the total increase recorded across the broader wallet cohort.
The figures suggest that large holders were increasing their exposure while Bitcoin struggled to maintain its upward momentum.
As large Bitcoin wallets increased their holdings, U.S. spot Bitcoin exchange-traded funds (ETFs) saw significant investor outflows.
According to SoSoValue data, the products
recorded approximately $515 million in net outflows during October.
The weakness continued through the first two trading days of November. However, the outflow streak ended on Wednesday after spot Bitcoin ETFs recorded an inflow of $74.57 million.
