Bitcoin Whale Cohort Hits Six-Month High as Elite Wallets Accumulate

On-chain analytics show Bitcoin's so-called 'strongest hands' returning in force. Wallets holding more than 10,000 BTC have risen to 90, a six-month high, extending an accumulation trend that began with mid-sized whales earlier in the cycle. The build has continued through the Coldcard hardware wallet security fallout, suggesting that concerns over self-custody tooling have not deterred the largest balance-sheet holders — and may in fact have accelerated consolidation of coins into fewer, more sophisticated custody arrangements. Growth in the elite cohort is structurally significant because it removes float from exchange order books, tightening available supply against any incremental demand impulse. Historically, expansion in the top-tier wallet count has been a leading indicator of reduced sell-side liquidity, amplifying price sensitivity in both directions. The caveat is attribution: a rising count of large wallets can reflect custodial and ETF-related address restructuring rather than genuine new accumulation, and investors should treat the datapoint as corroborative rather than dispositive. Nonetheless, the direction of travel is constructive for the medium-term supply picture.