In December 2025, large Bitcoin holders with balances ranging from 10 to 10,000 BTC significantly increased their holdings by acquiring over 47,500 BTC. According to Santiment, this process began after a prolonged period of sell-offs that lasted from mid-October to the end of November, during which the total balances of such wallets decreased by more than 113,000 BTC.
This is reported by Finway
Accumulation Dynamics and Market Participants’ Behavior
Santiment analysts noted that the Bitcoin market has entered a growth phase as large players actively accumulate the cryptocurrency. However, experts point out that the stability of this trend depends on the actions of retail investors.
“However, they noted that as long as small investors continue to buy the dips and accumulate the asset, the trend is not sustainable. If retail players start to take profits while the large ones continue to buy, a price growth scenario similar to what was observed in September is quite likely, Santiment concluded.”
According to the analysis, the behavior of different groups of market participants can be divided into five main zones:
- Green Zone: Whales are actively buying while retail investors are selling, contributing to stable price growth.
- Blue Zone: Both large and small wallets are accumulating BTC, which usually leads to an increase in value.
- Yellow Zone: Market behavior becomes unpredictable, with potential sharp fluctuations.
- Orange Zone: Sales dominate from all participants, often resulting in market declines.
- Red Zone: Retail investors are actively buying on the dip while large players are selling off their holdings, which may indicate further price declines.
Investor Behavior Dynamics. Data: Santiment.
Impact of Retail Investors on the Market
Despite the activity of large wallets, the only restraining factor for further Bitcoin price growth remains the actions of retail traders. Analysts emphasized that mass accumulation of the coin by small investors could make the market less stable.
Earlier, in November 2025, CryptoQuant experts reported that large Bitcoin whales were still taking profits, which also affected overall market trends.