Bitcoin (BTC) remained under pressure on Friday as on-chain data showed large holders continuing to strengthen their positions.
Summary
- Santiment said wallets holding 10-10,000 BTC added 61,568 Bitcoins over the past month.
- Bitcoin fell below recent highs as Bhutan-related transfers and tensions in the Middle East added pressure again.
- Retail wallets with less than 0.01 BTC continued to buy, matching whale accumulation and delaying breakout signals.
The move came as retail portfolios also continued to buy, while market sentiment remained weak amid renewed geopolitical risk and resumption of sales activity from Bhutan-linked portfolios.
Santiment said wallets holding between 10 and 10,000 BTC added 61,568 BTC over the past month. The company said this represented a 0.45% increase in holdings, even though Bitcoin slipped all the way to the $68,100 area during the latest pullback.
The same data showed that small portfolios were not moving backwards. Santiment said wallets holding less than 0.01 BTC added 0.42% over the same period, a pace close to the increase seen in whales and sharks. The analytics firm said large-portfolio purchases generally work better on price when retail investors reduce their exposure instead of following suit.
Santiment said the current setup has yet to produce a clear breakout. He said a stronger upward move often appeared when large holders continue to accumulate and small traders stop chasing prices.
Bitcoin Price Weakens After Recent Rejection
Bitcoin traded at $66,349 at last check on Friday, according to the financial tool’s market data. The same data showed an intraday high of $69,789 and a daily decline of almost 5%, keeping the asset well below the $72,000 level seen earlier in the week.
The recent decline has traders wondering if on-chain accumulation can offset short-term selling pressure. Market observers observed a pullback from the recent rebound, with price action failing to hold near the upper end of the current range.
Bhutan-linked portfolios added to this pressure this week. Reports based on data from Arkham Intelligence indicate that the Royal Government of Bhutan transferred 519,707 BTC worth approximately $36.75 million, pushing its 2026 outflows above $150 million.
Middle East risk keeps sentiment fragile
Geopolitical tensions also remained at the center of concerns. Reuters reported that the Pentagon is considering deploying up to 10,000 additional U.S. troops to the Middle East to give President Donald Trump more military options as he considers peace talks with Tehran.
The report followed earlier Reuters reporting that thousands of additional U.S. troops were already expected in the region. The buildup added another layer of caution for risky assets, including crypto, as traders monitor the risk of a broader conflict over Iran.
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